In a groundbreaking report released by Elastos, a leading open-source blockchain platform, a significant surge in Bitcoin usage among Nigerians has been uncovered.
The report, unveiled on Thursday, indicates that a remarkable 20% of Nigerians, equating to at least one in five individuals, are actively engaging in Bitcoin transactions on a daily basis.
This insightful analysis was derived from online interviews conducted with 1,407 self-proclaimed ‘tech savvy’ participants across seven countries, including Brazil, Germany, Nigeria, South Korea, UAE, UK, and US. The interviews, conducted by a reputable third-party market research firm, were carried out between March 30th and April 4th, 2024.
According to the report, a staggering 67% of Nigerian respondents express a greater trust in Bitcoin for safeguarding their life savings compared to traditional financial services such as banks, local governments, and even cash.
Elastos introduced the BIT Index (Bitcoin; Innovation & Trust) to illuminate the actual perception and utilization of Bitcoin in individuals’ daily lives, irrespective of its current market valuation. The BIT Index aims to provide ongoing research to track real-world Bitcoin usage, along with users’ motivations, expectations, and obstacles.
The report underscores the pivotal role played by emerging markets in understanding, adopting, and expressing confidence in Bitcoin. Nigerian respondents displayed notably higher levels of usage and trust in Bitcoin compared to respondents from established markets such as Germany and the UK, where daily usage levels stood at a mere 8% and 9%, respectively.
Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, lauded the inaugural findings of the BIT Index, highlighting the increasing prominence of the ‘global south’ in decentralized currency adoption, particularly Bitcoin.
Hargreaves emphasised, “The BIT Index offers a fascinating and sobering insight into the industry. The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing.”
The report signifies a paradigm shift in the global financial landscape, as Bitcoin gains traction as a trusted alternative to conventional banking systems, especially in regions facing economic challenges and limited access to financial services.
