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Binance Ranks Nigeria As The Leading Country Per Capita For Bitcoin And Cryptocurrency Adoption In The World

Fintech

Aug. 16, 2021, 10:19 a.m.

In a recent survey that evaluated dozens of countries according to crypto usage, Nigeria ranks 1st as the country with the highest crypto adoption in the world.

The survey finds that one-in-three Nigerians have used or owned crypto at some point.

The survey also showed that around 300 million people globally in 2021 have owned or used crypto at some point in their lives.

According to recent data published by Binance, the largest cryptocurrency platform by trading volume, Nigeria ranks 1st globally as the leading country per capita for Bitcoin and cryptocurrency adoption, with nearly one-in-three Nigerians indicating they used or owned crypto assets in 2020.

The survey found that the nation of almost 200 million people, mainly on the younger, more tech-savvy side, and the pre-existing prevalence of mobile phone-based P2P payments has led many Nigerians to explore cryptocurrency.

Notably, Vietnam ranked second by adoption as the nation of nearly 100 million has also seen huge demand in crypto, with activities varying from trading and P2P to payments and other utilities. Philippines and Turkey were the third and fourth-ranked nations for adoption, while Peru ranked fifth despite being the most advanced nation in Latin America for crypto adoption.

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Binance released the report yesterday on its blog site, explaining that the ranking was based on Statista’s survey on selected countries that said they used or owned cryptocurrencies in 2020. The cryptocurrency exchange noted that 2021 would be looked at as the inflexion point towards the global adoption of cryptocurrencies as around 300 million people worldwide have owned or used crypto at some point in their lives.

While the presence of 300 million global crypto users seems like an impressive feat, it’s still a far cry from the global monetary system that the crypto industry envisions for the world. Binance explained that 300 million is still not enough, adding that the figure is just 3.8% of the world’s population (7.9 billion) or 5.8% of the total people on earth between the ages of 15 to 65 (5.1 billion).

The report concluded once crypto hits 50% usage around the world (2.55 billion people between 15 and 65 years old), it will become one of the widest-used technologies in the world. “For context, Google has nearly 4 billion users, while Facebook has almost 3 billion users”, the report stated.

tag: Nigeria, Cryptocurrency, Bitcoin, Fintech,

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