Study Reveals That Over a Third of Nigerians Have Invested in Crypto in the Last 6 Months

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April 15, 2022 by Vignesh Karunanidhi

According to KuCoin’s Into The Cryptoverse research, 35% of Nigerians aged 18-60 have invested in or are trading bitcoin and other cryptocurrencies.

The survey exposes key information about the local population, such as the fact that 33.4 million Nigerians, or 35 percent of the population aged 18 to 60, now hold or have traded cryptocurrencies in the last six months.

Over half of Nigerian cryptocurrency investors put their money into digital currency. 65 percent of Nigerian crypto investors use peer-to-peer trading to put fiat money into cryptocurrency.

Another significant result is that 70% of Nigerian crypto investors want to expand their cryptocurrency investments in the next six months, indicating that digital asset adoption is rising in the nation.

Bitcoin Nigerians are believers

The fact that the Nigerian currency, the Naira, has devalued by nearly 209% in the last six years might be ascribed to such high adoption rates. According to the KuCoin poll, 37% of crypto investors in the nation have been trading cryptocurrencies for more than three years, with 6% trading for more than six years.

With national inflation rates at their highest since 2008, Nigeria’s difficult economic situation was exacerbated by the COVID-19 epidemic, making cryptocurrencies an appealing alternative source of income, especially in the optimistic market of 2021.

Such explanations are supported by the report’s findings, which show that 26% of surveyed crypto investors have started trading cryptocurrencies in the last six months.

According to the report, the strong adoption rate of cryptocurrencies also demonstrated gender parity in crypto investing, with women accounting for 50% of all crypto investors, on a level with males.

According to the breakdown of reasons for investment, 53% of investors consider cryptocurrencies to be a reliable value-storage and payment means, 50% invest to gain higher long-term returns, and 40% attempt to start their own businesses and improve living conditions.

Another 36% invest as a supplement to their salaries, 34% strive for financial independence, and 26% hope to rely on cryptocurrencies as their primary source of income.

In times of economic difficulty, cryptocurrencies are becoming a significant financial tool for Nigerians in times of payment and value storage, according to the Cryptoverse research.