New Report: 20% of Nigerians Use Bitcoin for Daily Financial Transactions

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A recent report from Elastos, an open-source blockchain website, unveils surprising trends in global Bitcoin usage. Based on online interviews with 1,407 self-defined 'tech-savvy' individuals across seven countries, including Nigeria, the research indicates that a significant 20% of Nigerians are utilizing Bitcoin for their daily financial activities.

Conducted by a registered market research company between March 30 and April 4, '24, the study also highlights a remarkable 67% of Nigerians expressing greater trust in Bitcoin for safeguarding their life savings compared to traditional banking institutions and local governments.

Named the BIT Index (Bitcoin; Innovation & Trust), the report delves into perceptions and utilization of Bitcoin worldwide, emphasizing the pivotal role of emerging markets like Nigeria. Unlike established markets such as Germany and the UK, where daily Bitcoin usage hovers around 8% to 9%, Nigerian respondents demonstrate a notably higher adoption rate and trust in the cryptocurrency.

Moreover, the data underscores a significant trust deficit in traditional financial systems among respondents from emerging markets. While 66% of Nigerian participants and 35% from Brazil express more confidence in Bitcoin-based systems for online transactions, only 16% in Germany and 21% in the UK share the same sentiment towards traditional banking and governmental institutions.

This report sheds light on the evolving landscape of global financial preferences, indicating a growing reliance on Bitcoin among Nigerian users and highlighting a shift in trust dynamics towards decentralized financial solutions.

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Emmanuel Ukaoha has 4years Experience in Journalism, he is also a Web Developer and an SEO Expert. You Can also Connect with him on Instagram and Linkedln.