An analysis published by BanklessTimes.com, states that over 22 million people hold cryptocurrency in Nigeria.
The analysis, states that Africa currently holds about 53 million cryptocurrency holders.
According to the report, the rise in the use of cryptocurrency as a means of payment is on the rise in Nigeria, due to people looking for alternative means of protecting their investments.
“The African continent is gradually taking its place in the global crypto ecosystem. The advent of cryptocurrency has created a new opportunity for the people of Africa, with approximately 53 million people who own cryptocurrencies.
“The country has a large number of merchants who accept Bitcoin as a mode of payment. Some of the notable ones include airlines, hotels, and online stores. The adoption is also being driven by the increasing awareness of digital assets in the country.
“Cryptocurrency has provided a suitable option for moving assets in Nigeria.
“On a worldwide scale, the US takes the lead with 46 million. At the same time, Nigeria comes at position four. Other notable countries include India and Pakistan, with 27.4M and 26.4M owners of crypto assets, respectively.
“Nigeria is notorious for its financial instability, with cases of inflation rising to over 18%. This has made many people in the country look for options to hedge against their local currency. Bitcoin has become one of the go-to options, being a decentralized asset without government control. Nigerians have also been actively trading Bitcoin and other digital assets on peer-to-peer (P2P) exchanges.
Commenting on the report, the CEO of BanklessTimes.com, Jonathan Merry, stated “Nigeria has a long history of financial instability and high inflation. They tend to invest in assets that will hold their value against inflation. Thus, Nigerian people see cryptocurrency as a way to protect their wealth.”
