Emmanuel Ochayi
20% of Nigerians, or one in five, use Bitcoin regularly, according to recent research by the open-source blockchain website Elastos. 1,407 self-described “tech-savvy” respondents from seven countries—Nigeria, Brazil, Germany, South Korea, UAE, UK, and the US—were surveyed to determine this.
67% of Nigerians said they trust Bitcoin more than traditional services like banks, local governments, and cash to secure their life savings, according to a survey done between March 30 and April 4, 2024. This is a far cry from the established markets like the UK and Germany, where only 22% and 20% of respondents, respectively, showed a comparable degree of confidence in Bitcoin.
Join our WhatsApp ChannelAccording to Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, the results show how the “global south” is contributing to the uptake of decentralised currencies like Bitcoin. “The BIT Index offers a fascinating and sobering insight into the industry.
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 speak volumes about the protagonism these regions are already playing.”
The paper emphasizes how crucial emerging markets are becoming for knowledge, adoption, and trust in Bitcoin. Respondents from Nigeria exhibit much greater levels of trust and usage compared to respondents from more established markets such as Germany and the UK.
Apart from Nigeria, considerable percentages of participants from Brazil (35%) and the United Arab Emirates (32%) expressed greater trust in Bitcoin-oriented services to safeguard their life savings in contrast to conventional financial instruments.
READ ALSO: Bitcoin Price Dips Below $64,000 As Crypto Market Sees $209m In Liquidations
According to the survey, when it comes to guaranteeing the integrity of online transactions, respondents from emerging markets are more confident in Bitcoin-based systems than in traditional institutions like banks or national governments. The research shows that 66% of respondents from Nigeria and 35% from Brazil are more confident in Bitcoin-based systems than respondents from Germany and the UK, who are just 16% and 21%, respectively.
In many cases, Hargreaves said, the lack of workable and convenient alternatives served as the motivating element. “In many instances, the driving factor is the absence of viable – accessible – alternatives to, for instance, conduct cross-border transactions or mitigate the impact of inflation.”
The report’s conclusions imply that Bitcoin is becoming more popular in developing nations where access to traditional financial services may be restricted. It will be interesting to watch how this trend grows and how it affects the global financial landscape as the use of decentralised currencies increases.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
