Nigeria Leads Countries With Highest Crypto Awareness in the World, 90% Population Ready to Invest
- A report by ConsenSys shows that 78% of Nigerians surveyed said they understood how cryptography worked.
- Most of the participants perceive cryptocurrencies as a source of financial opportunity and security
- The study found Nigerians purchase cryptocurrencies to diversify their portfolios
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Nigeria currently has the highest level of cryptocurrency awareness surpassing other nations in the world, a recent analysis from ConsenSys has shown.
The study found 99% of Nigerian respondents were aware of cryptocurrencies, had a strong understanding of blockchain technology, and were eager to spend 90% of the time.
According to the survey, cryptocurrencies are not only viewed as speculative assets in Nigeria and other African nations but also as a source of financial opportunity and security.
Source: Getty Images
Legit.ng had earlier reported that Nigerians have consistently demonstrated unwavering enthusiasm and curiosity regarding Bitcoin, Ethereum, and other cryptocurrencies despite ban by the Central Bank of Nigeria (CBN).
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The CBN has remained resolute on the future and use of cryptocurrency transactions through Nigerian banks.
Crypto awareness has improved
A great deal of people are generally aware of crypto assets. Approximately 92% of respondents worldwide had heard of digital currency.
The percentage of individuals who comprehend it, however, is substantially fewer, According to the ConsenSys poll, only 50% of participants claimed they had heard of cryptocurrency and knew what it was.
Nigeria had the highest level of awareness of cryptocurrencies, with 100% of women and 99% of men indicating knowledge of the asset class. In fact, 78% of them said they understood how cryptocurrency worked.
Only 5% of people are open to making cryptocurrency investments. Over the next 12 months, 57% of them declared they will invest in cryptocurrencies, while 33% said they will probably do so.
Nigerians' primary motivation for purchasing cryptocurrency was to diversify their portfolios. Other factors include the volatility of the naira.
The top investments, according to those who have purchased cryptocurrencies in the past or now possess them, were Bitcoin, Ethereum, Binance Coin, Dogecoin, Tether, and Shiba Inus.
In addition, 6 out of 10 Nigerians were aware of the collapse of centralised crypto firms in 2022.
Bankruptcies had an effect on people's trust, according to 89% of the public. However, most of them indicated that this effect was only "moderate." Nigerians said that the greatest strategies to regain trust in the crypto sector were to improve security, transparency, and accountability.
Source: UGC
Crypto Crisis: 57,000 Traders Lose Money as Bitcoin Drops to $26,000
Legit.ng earlier reported that Bitcoin fell to $26,000 on Friday, May 12, 2023, causing thousands of traders to incur significant losses, Leverage Trading reports.
The volume of trade of Bitcoin stood at approximately $18.2 billion, a 12.6% decline in the last 24 hours. The cryptocurrency market capitalisation locked around $1.09 trillion, representing a 3.75% fall in the last 24 hours.
Most traders who faced liquidations during the past 24 hours had opened positions on derivatives swap contracts, also known as perpetual contracts, Coinglass reports.
Source: Legit.ng
