Nigerians Embrace Bitcoin: 1 in 5 Use It for Daily Transaction

A report released on Thursday by Elastos, an open-source blockchain website, has revealed that 20 percent of Nigerians, constituting at least one in five, are utilizing Bitcoin for daily transactions.

The findings were based on online interviews conducted with 1,407 self-described ‘tech-savvy’ respondents across Brazil, Germany, Nigeria, South Korea, UAE, UK, and US. The interviews were facilitated by a third-party registered market research company and conducted between March 30 and April 4, 2024.

Additionally, the report highlighted that 67 percent of Nigerians expressed more trust in Bitcoin to safeguard their life savings compared to traditional services like banks, local governments, and cash.

The BIT Index (Bitcoin; Innovation & Trust) provided insights into the perception and usage of Bitcoin in people’s daily lives across various countries. It aimed to track the real-world use of Bitcoin, along with users’ motivations, expectations, and barriers.

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Notably, the report emphasized the significant role of emerging markets in understanding, utilizing, and trusting Bitcoin. Nigerian respondents demonstrated high levels of usage and trust compared to respondents from more established markets like Germany and the UK.

In terms of trust, respondents from Brazil and the UAE also showed considerable confidence in Bitcoin-based services for safeguarding their life savings, surpassing those from markets like the UK and Germany.

Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, commented on the findings, noting the increasing adoption of decentralized currencies like Bitcoin in the ‘global south.’ He highlighted the lack of accessible alternatives for conducting cross-border transactions or mitigating inflation as driving factors behind this trend.