- KuCoin conducted a report with multiple surveys that shows 35% of the adult population aged 18-60 in Nigeria are vested in bitcoin or other cryptocurrencies.
- The investor class is largely made up of a youthful population driven by Nigeria’s median age of 18.4 years old, which leads to 52% of the investors being below the age of 30.
- Nigeria hosts many long-term investors in the space as its currency, the Naira, has seen a 209% depreciation over a six-year period. 37% of investors in the space have been invested for over 3 years.
KuCoin, a leading cryptocurrency exchange, recently released a report titled “Into The Cryptoverse[1]” where they discussed the penetration of Bitcoin and other cryptocurrencies into populations of varying countries. Most notable among them is Nigeria; 35%, or 33.4 million, of its adults aged 18-60 owned or traded bitcoin or some form of cryptocurrency in the last 6 months.
Users With Internet Access
This staggering amount of 35% of adults becomes even more bewildering when one recognizes that as of January 2022, only 51% of the entire population of Nigeria has access to the internet, according to the report. Of that 51% of the population, 86% of Nigerian internet users are familiar with cryptocurrency as an investment vehicle. The report also states that according to Google Trends, Nigeria hosted the highest number of searches for Bitcoin in early 2021.
A survey conducted of the penetrated 35% shows that 70% of those users intend to increase their holdings within a short period of time. Another 6% of the population not currently invested were surveyed and said they are interested in investing within the next six months.
Youthful Investor Interest Grows as Naira Falls
Over a course of six years, Nigeria’s currency,
