As cryptocurrencies are becoming more popular around the world, BanklessTimes.com decided to look into which countries and continents have the highest adoption rates.
Our key findings:
- The African continent currently has approximately 53 million people who own crypto.
- Over a third of African cryptocurrency holders are from Nigeria.
- Nigeria is ranked at number 4 in the World for the amount of cryptocurrency traders.
- Inflation level of over 18% may be the cause of Nigerians heavy involvement with cryptocurrencies.
As the Crypto Market evolves, there are increasingly more cryptocurrency holders in nations which suffer with high inflation. In retaliation to financial climates in countries such as Nigeria, individuals have turned to the world of crypto for financial gains and this trend is predicted to continue.
Nigeria has a long history of financial instability and high inflation. They tend to invest in assets that will hold their value against inflation. Thus, Nigerian people see cryptocurrency as a way to protect their wealth.