Nigeria is the most cryptocurrency-obsessed country in the world, a new study reveals.
A new study reveals that Nigeria is the country most curious about cryptocurrency globally since the crypto market crashed.
The United Arab Emirates and Singapore are the second and third countries most curious about crypto, respectively. Meanwhile, the United Kingdom ranks as the fifth most interested country in cryptocurrency, with the United States twelfth in the findings.
The research, carried out by crypto price tracker CoinGecko, examined Google Trends data of search terms frequently used by people interested in cryptocurrency. These terms were then combined to give each English-speaking country a ‘total search score’ to discover which countries have been the most interested in cryptocurrency since the market crash in April 2022.
The study revealed that Nigeria ranks highest as the country most curious about cryptocurrency since April this year. With a total search score of 371, Nigeria topped the list for the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide. Additionally, the population of Nigeria search for the cryptocurrency ‘Solana’ the third most worldwide.
Nigeria is the largest crypto market on the African Continent and ranks third behind only the US and Russia on the global stage. The country generated more than $400million in transaction volume for the 2020 fiscal year according to Statista. This is despite a ban by the Central Bank of Nigeria on cryptocurrency usage. Meanwhile, Nigeria and Kenya are the only African countries on the list of the top 15 countries most interested in cryptocurrency.
Related Article: Crypto is the next goal in Africa's race for financial inclusion
BD Tracker revealed that within H1 2022, 10 African Web3 startups jointly raised $134 million. 36.4% of these startups are Nigerian, while South Africa has the second-highest with 18.2%.
These startups are also enabling the adoption of cryptocurrency on the continent. In November 2021, Nestcoin launched Breach, a media platform that's driving crypto adoption through simplified content. "In the months since we launched Breach, we have acquired close to 6,000 subscribers by educating people and breaking down web3 concepts to them. Every week, we publish two newsletters, original content series, and host community events," Yele Bademosi, Nestcoin CEO stated.
| Rank | Country | 'Crypto currency' | ‘Invest in Crypto' | ‘Buy Crypto’ | ‘Bitcoin’ | ‘Ethereum’ | ‘Solana’ | Total Search Score |
|---|---|---|---|---|---|---|---|---|
| 1 | Nigeria | 100 | 100 | 100 | 29 | 22 | 20 | 371 |
| 2 | UAE | 72 | 72 | 71 | 15 | 31 | 9 | 270 |
| 3 | Singapore | 68 | 24 | 67 | 24 | 59 | 19 | 261 |
| 4 | Australia | 43 | 48 | 62 | 19 | 38 | 8 | 218 |
| 5 | UK | 40 | 49 | 61 | 14 | 27 | 7 | 198 |
| 6 | Canada | 35 | 35 | 45 | 21 | 48 | 8 | 192 |
| 7 | Georgia | 22 | 0 | 36 | 0 | 29 | 100 | 187 |
| 8 | Lebanon | 47 | 31 | 36 | 41 | 0 | 11 | 168 |
| 9 | New Zealand | 32 | 34 | 51 | 12 | 30 | 8 | 167 |
| 10 | Trinidad & Tobago | 54 | 45 | 65 | 0 | 0 | 0 | 164 |
| 11 | Pakistan | 64 | 24 | 29 | 9 | 24 | 7 | 158 |
| 12 | USA | 34 | 31 | 45 | 14 | 23 | 10 | 157 |
| 13 | Ireland | 29 | 28 | 48 | 14 | 29 | 6 | 154 |
| 14 | Cyprus | 42 | 0 | 54 | 0 | 37 | 18 | 151 |
| 15 | Kenya | 60 | 38 | 19 | 9 | 12 | 5 | 143 |
Curiosity about cryptocurrency in Asia, Europe, America and MENA.
The United Arab Emirates is the second most curious about cryptocurrency since the market crash in April this year, with a total search score of 270. The United Arab Emirates has the second-highest proportion of its population searching for both the word ‘cryptocurrency’ and the term ‘invest in crypto’, placing it second in the ranking.
Singapore places as the third country most interested in cryptocurrency since April this year. The Southeast Asian country has the third-highest level of searches for the term ‘buy crypto’, in addition to being the country searching for the cryptocurrency ‘Ethereum’ the most worldwide, giving Singapore a total search score of 261.
The United Kingdom also ranks as one of the countries most interested in cryptocurrency since April this year, placing fifth overall. With a total search score of 198, the UK has the sixth-highest level of searches for the term ‘buy crypto’ and the third-highest number of searches for ‘invest in crypto’. According to CoinGecko, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the United Kingdom.
Additionally, the United States places the twelfth country most interested in cryptocurrency worldwide. The study revealed that the United States has the tenth-highest search levels for the term ‘buy crypto’ and is the sixth country most interested in the cryptocurrency ‘Solana’, totalling a search score of 157. Similar to the United Kingdom, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the United States right now, according to CoinGecko.
