Cryptocurrency adoption in Nigeria has increased, according to the latest data from Finder.com. 27% of Nigerian internet users aged 18+ currently own cryptocurrency, up from 21% late last year*.
Men are much more likely to own cryptocurrency. 59% of crypto holders are men and just 41% are women. Bitcoin (47%) is by far the most popular coin among Nigerian crypto owners, followed by Ethereum (25%).
Cryptocurrency specialist at Finder, James Edwards, says he’s surprised adoption didn’t decline given the considerable drop in the crypto market.
“We saw huge drops in the price of Bitcoin at the start of May and June which led to declines in crypto ownership in other markets. However looking at Google Trends the search interest for ‘buy Bitcoin’ in Nigeria has actually risen in the past year, suggesting consumers are hoping to buy the dip.”
“This suggests that while some people have sold, others are holding for the long term or may have actually bought cryptocurrency for the first time at what they consider to be a discount.”
Edwards warns new investors that investing in cryptocurrency isn’t for the faint-hearted.
“Cryptocurrency is a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell.”
“Remember that your capital is at risk whenever you invest, so never invest what you can’t afford to lose”.
You can find the full report here: https://www.finder.com/ng/finder-cryptocurrency-adoption-index
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