Nigeria was the ranks first when it comes to cryptocurrency usage and ownership the most in 2020
Cryptocurrencies like Bitcoin and Ethereum have already proven resilient. Investor interest, both retail and institutional, in digital currencies has increased significantly in recent months. Furthermore, the adoption and adoption of cryptocurrencies continues to grow around the world. In the Africa region, it can be said that Nigeria is the leading name in the list of countries with the most number of cryptocurrency users and owners in 2020.
How popular is cryptocurrency really? Nigeria ranks first when it comes to cryptocurrency usage and ownership
Reliance on remittances and the ubiquity of P2P payments has led to a significant increase in the use of cryptocurrencies in several economies. Of the 74 countries surveyed in the Statista global user usage report compiled by Statista, Nigeria is said to have the highest cryptocurrency usage or ownership. Arguably the highest in the African region, accounting for 32% of the 100% summary.
Bitcoin is booming again in Africa as investors realize the potential of this currency, while the State and experts constantly warn of possible risks, including cybercrime. Nearly a third of Nigerians say this has applied to them.
What’s more, the high cost of sending money across borders has led many to turn to local cryptocurrency exchanges catering to overseas workers and their families. Nigerians also often use their phones to send money to each other or to pay in stores. Recently, local businesses added crypto plugins to their mobile payment options, adding another way Nigerians can use cryptocurrency in their daily lives.
Again, remittance payments play a role in the widespread use of cryptocurrencies. Moreover, with fiat constantly devalued, it’s equally as much for people looking for cryptocurrencies.
In addition to users in Africa and Southeast Asia, another area of the world where many people use cryptocurrencies in Latin America. Peru took the lead in adoption with 16% of respondents, while Brazil, Colombia, Argentina, Mexico, and Chile all hit double digits. Switzerland is the country with the highest adoption rate in Europe along with Greece (11% each). In general, European and UK countries have very low levels of adoption.
Japan, in the end, was the country in the survey where at least people said they used or owned cryptocurrency. Only 4% said they have experience with cryptocurrency products, the lowest level in a Danish survey.
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