The new research conducted by Trading Browser has shown that 90 million people use or own cryptocurrency in Nigeria.
The study also ranked Nigeria as the country with the highest number of crypto owners in the world in 2022.
According to the research, Nigeria which is also Africa’s largest economy clinched the top spot, with almost half the population having used or owned cryptocurrency. This represents 45 percent of the population.
Investors King understands that Nigeria’s population is slightly above 200 million with a huge percentage of the youth owning or trading cryptocurrency.
Although the Nigerian government had earlier ban commercial banks from facilitating cryptocurrency transactions, the youth however find succour in the Peer to Peer (P2P) transaction model instituted by Binance and Paxful.
A further perusal of the report shows that Thailand occupies the second space with 44 percent of its population reported to be using or owning cryptocurrency, representing over 30 million people.
Turkey followed Thailand, the transcontinental country has 40 percent of its population owning and using cryptocurrency in 2022, equal to over 33 million people. The adoption of cryptocurrency in Turkey has doubled from 20 percent to 40 between 2019 to 2022.
Argentina which is the first South American country on the list occupies the fourth with an ownership and usage rate of 35 percent in 2022, representing almost 16 million people.
Having occupied the fifth position, it is not surprising to see the United Arab Emirates on the list with 34 percent of the population owning or using cryptocurrency in 2022, representing almost 10 million people. In the United Arab Emirates, one in every three persons owns cryptocurrency.
Other countries featured on the top ten list include the Philippines, ranked sixth with a 29 percent adoption rate, and Vietnam which sits in the seventh position with a 27 percent adoption.
While India and Singapore jointly hold the eighth position, Brazil is ranked ninth and South Africa on the tenth spot.
