This means that if crypto use continues to grow at its current rate, the entire population of Nigeria will be using cryptocurrencies by 2030!
New research has predicted Nigeria to be at the forefront of global crypto adoption by the end of this decade. According to data by Merchant Machine, if the crypto use rate in the country continues this way, the entire population of the African country will be using digital assets by 2030.
Recall that according to a study by crypto market tracker Coingecko two weeks ago, Nigeria is leading the pack of countries with the highest interest in crypto despite the market correction experienced in 2022.
The Merchant Machine study focused on finding countries investing the most in crypto by sampling different metrics from 50 countries. Specifically, the score factored in the number of crypto owners in a country, the decentralized global finance (Defi) adoption index, the number of businesses that allow crypto payments, the number of Bitcoin (BTC) ATMs, and the monthly search volume of cryptocurrency terms.
Other countries on the list of crypto adoption predictions are the Philippines (86%), Thailand (64%), Malaysia (61%), and India (50%), with Nigeria leading the top five with an expected 100% crypto adoption.
It is, however, surprising that Nigeria, billed to have full adoption by 2030, did not make it to the top ten list of countries currently utilizing cryptocurrencies.
The research indicates that the United States ranks globally in the widespread use of cryptocurrencies, scoring 7.75 out of 10. Ukraine ranks second with a score of 5.96, followed by the United Kingdom at 5.79, with India and Thailand occupying the fourth and fifth positions with 5.52 and 5.3 scores, respectively.
Why Nigeria is leading the pack
Nigeria is regarded as the largest crypto market in Africa. The catalyst for that feat is connected to the continuous devaluation of its local currency, growing inflation, and worsening economic conditions.
The citizens of the West African country see digital assets as a way to hedge against the plunging naira. Some, too, especially the younger demographic, see crypto as a form of investment and business from which they can earn a decent living.
Nigeria is the largest crypto market in Africa.
These and a few other reasons are probably Merchant Machine’s considerations for the projection. According to the report:
“Nigeria is at the top of the list, with an estimated 100% by 2030. This means that if crypto use continues to grow at its current rate, the entire population of Nigeria will be using cryptocurrencies!
The popularity of cryptocurrency could be explained by the country’s poor economy making alternative currencies appealing. The devaluation of Nigeria’s currency, the naira, will likely continue to drive more and more Nigerian natives to invest in cryptocurrency instead.”
