A recent study has revealed that a significant 47% of Nigerians are actively involved in crypto trading, showcasing a remarkable integration of cryptocurrencies into their financial activities. The analysis further highlights a substantial 15% increase in crypto ownership within the country between 2020 and 2023. This surge in participation reflects the growing significance of crypto trading in shaping the financial landscape for Nigerians
Cryptocurrencies No Longer Seen as Speculative Assets
According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023.
The growth in the number of Nigerian agencies owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system.
However, the depreciation of the Nigerian currency, which accelerated in the second half of 2023, and rising inflation, have pushed residents into digital assets like bitcoin (BTC) and USDT.
Max Coupland, commenting on the findings of his firm’s study, said, “The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.”
He added that the growth in the use of cryptocurrencies in not just Nigeria but across the world underlines their pivotal role in shaping the future of global finance.