196

Study: Nigeria, UAE lead countries most interested in crypto despite market crash

Justinas
Baltrusaitis
Updated: 04 Aug, 2022
3 mins read

The cryptocurrency market crash has partly dented investors’ interest in getting involved with different digital assets as uncertainty escalates. However, it seems that some investors in certain countries are approaching the fall as if it were a regular progression in the market’s growth trajectory.

In this line, Google Trend search statistics indicate that Nigeria ranks top as the most crypto-obsessed country since the market crash began in April with an overall score of 371, according to data retrieved by CoinGecko and shared with Finbold on August 3.

The score is based on a total search score of a combination of specific keywords, including ‘cryptocurrency’, ‘invest in crypto’, ‘buy crypto’, ‘Bitcoin (BTC)’, ‘Ethereum (ETH)’, and ‘Solana (SOL)’.

Among the surveyed countries, only Nigeria recorded a peak popularity score of 100 for keywords of ‘cryptocurrency’, ‘invest in crypto’, and ‘buy crypto.’ The United Arab Emirates ranked a distant second with a score of 271, followed by Singapore at 261, with Australia emerging fourth at 218. The United Kingdom ranked fifth overall with a score of 198.

Top five crypto-obsessed countries globally. Source: CoinGecko.

Other surveyed countries include Canada (192), Georgia (187), Lebanon (168), New Zealand (167), Trinidad & Tobago (164), Pakistan (158), United States (157), Ireland (154), Cyprus (151), and Kenya (143). 

Nigeria’s sustained crypto interest 

Before the market crash, Nigeria still ranked among the top countries with the most interest in cryptocurrencies, driven by factors like a struggling economy. Therefore, citizens turned to crypto as a store of value to beat the rising inflation and the devaluation of the local currency. 

The findings complement a previous April research that indicated about 35% of Nigeria’s population are crypto investors. Additionally, the countries’ authorities have recently outlined the benefits of cryptocurrencies to the financial sector

As reported by Finbold, the Central Bank of Nigeria (CBN) acknowledged that cryptocurrencies have introduced innovations into the financial industry. This aspect has forced most institutions to change their mode of operations.

Bet on crypto market to recover 

However, the sustained interest in digital currencies amid the market crash can be attributed to the widespread notion that the market will rise again. 

Notably, analysts like Bloomberg Intelligence commodity strategist Mike McGlone have maintained that the market will rally in the year’s second half, placing Bitcoin’s next all-time high at $100,000. 

It is also worth noting that there was some relief in the market across July, with an asset like Bitcoin and Ethereum recording minor gains. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

AD