Elastos, a Web3 infrastructure company, has published a report spotlighting the widespread use of Bitcoin in everyday transactions, regardless of its current market value. The research reveals that Nigeria and the UAE lead in utilizing Bitcoin for daily purchases, surpassing Germany and the UK in this aspect. According to the findings, approximately 20% of respondents from Nigeria use Bitcoin for transactions on a daily basis, as stated in a company release.
The report indicates that 23% of consumers in Nigeria and 20% in the UAE engage with Bitcoin daily.
Moreover, the release highlights that 67% of Nigerians express more confidence in Bitcoin as a means to safeguard their life savings compared to conventional payment methods such as banks or cash.
Beyond Nigeria, respondents from other regions also demonstrate significant trust in the world’s leading cryptocurrency.
In Brazil, 35% of consumers and 32% of UAE respondents exhibit greater trust in Bitcoin-based services for protecting their life savings. These percentages notably surpass those in markets like the UK, with 20%, and Germany, with 22%.
The report, named the ‘BIT Index,’ highlights the significant role of the ‘global south’ in the adoption of Bitcoin, as described by Jonathan Hargreaves, Elastos’ global head of business development.
Hargreaves remarked, “The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing.”
Moreover, the data underscores that 66% of Nigerians and 35% of Brazilians exhibit more confidence in Bitcoin-based systems compared to traditional alternatives.
Interestingly, 48% of respondents from Nigeria expressed interest in utilizing Bitcoin for sending and receiving money internationally. However, in Germany and the UK, only 18% and 20% respectively were interested in cross-border Bitcoin transactions.
Recent Crypto Adoption Rise in Nigeria
In recent years, there has been a notable surge in the adoption of cryptocurrencies among Nigerians. According to data from Chainalysis, Nigeria ranks as the second-highest adopter of crypto globally, following India.
Moreover, Nigeria has been grappling with a soaring inflation rate, reaching 30% in January. A report from the Wall Street Journal highlighted that the Nigerian government attributed the depreciation of its currency to Binance, the world’s largest cryptocurrency exchange.
Earlier reports also indicate Nigeria’s leading position in terms of crypto adoption rates, as per Statista data. Nearly half of Nigeria’s population are reported to be cryptocurrency owners, underscoring the widespread use and interest in digital assets within the country.
