Nigeria, Bitcoin and Crypto Boom

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April 16, 2022

Blockchain Technology

Nigeria and several African countries, the UAE, are paying attention to Bitcoin and
cryptocurrencies.

Nigeria is generally betting big on Bitcoin and cryptocurrencies.

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54% of respondents said they would like to integrate Bitcoin and cryptocurrencies into
their payment systems.
In Nigeria and the Middle East, particularly the United Arab Emirates and Saudi Arabia, a
survey conducted by Nasdaq over the past few days found that 54% of respondents were
interested in using Bitcoin and other cryptocurrencies. The currency being traded in the
current way is valued.

In addition, countries in the northern part of the African continent are eager to embrace
cryptocurrencies, and Nigeria is now joining in as well.

According to this recent survey, 35% of Nigeria’s population have already invested in
cryptocurrencies, a percentage indicating an interest in Bitcoin or, more generally, digital
currencies in countries where poverty is rampant. The sanity that will set them free from
the shackles of central banks.

The survey also revealed that another 6% of the population think they are willing to enter
the cryptocurrency space as a new investment.

El Salvador is an example of cryptocurrency adoption

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Following the famous examples of Venezuela and El Salvador, the desire for digital
currencies is accelerating with the addition of Lagos and some African countries in the
near future. Who knows if it will be Nigeria? It has proven to be very popular among the
population.

The above percentages are symbolic, especially when compared to the same findings in
the US, Europe and Canada that do not come close to 35%.

Cryptocurrencies remain on people’s wishlists, despite economists belief that tighter

regulation is needed in places with high levels of poverty and corruption, as the IMF
spotted a classic case a few days ago.

In many parts of the world, banks and mainstream financial and commercial channels
(with keen observations of remittances) are raiding people’s meager savings at sky-high
prices. Cryptocurrencies are widely adopted by the public sector rather than private
initiatives like Nigeria.

For Nigeria and Lagos

The same is true in Nigeria, Lagos, where interest in digital currencies is growing.

Bitcoin is present in wallets of 30% of the population and shares a different characteristic
with Nigerians: age.

In fact, the average age of both countries is very low, education level and per capita
income are very low.

In short, Bitcoin, like modern-day Robin Hood, has saved poor countries and helped poor
countries escape the shackles of central banks and the control of hegemons through
finance, markets and commodities.

More recently, however, inflation has acted to reshape the card and, like mental levels,
link this bullish trend with the Bitcoin boom in wealthy countries like the UAE.

Post Nigeria, Bitcoin and Crypto Boom first appeared in The Cryptonomist.

Information Source: Edited by CRYPTONOMIST at 0x Information. Copyright belongs to

the author George Michael Belardinelli and may not be reproduced without permission.

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