35% of Nigerian Adults Are Crypto Investors

KuCoin, a leading cryptocurrency exchange worldwide, has published the Into The Cryptoverse Report, which focuses on cryptocurrency adoption in Nigeria. It reveals that Nigerians are embracing cryptocurrencies due to their limited access to financial services.

Cryptocurrencies have become an alternative to traditional methods of asset storage and transfer.

This report contains important statistics about the local population. It includes the fact that 33.4million Nigerians, who account for 35% of those aged 18-60, have traded or own cryptocurrencies in the last 6 months. 52% Nigerian crypto investors have allocated more than half their assets to cryptocurrency.

65% of Nigerian crypto-investors make fiat deposit to cryptocurrencies via peer trading.

Another important finding was that 70% of Nigerian cryptocurrency investors plan to increase their investments in cryptocurrency over the next six months. This suggests that Nigeria is seeing an acceleration in digital asset adoption.

This is due to the fact the Naira, Nigerian currency has fallen by more than 209% in six years.

According to KuCoin’s survey, 37% started trading cryptocurrency more than three years ago. Including 6% who started trading more than six years ago.

The COVID-19 pandemic worsened the difficult economic climate in Nigeria. This made cryptocurrencies attractive as an alternative income source, especially in the bullish market for 2021.

These reasons are supported by the report’s findings, which show that 26% of the surveyed crypto investors started trading cryptocurrencies in the last 6 months.

Gender parity in crypto investing is also evident due to the high adoption rate for cryptocurrencies. The survey found that half of all crypto investors are women, which is equal to 50% of men.

According to the breakdown of reasons investors invest in cryptocurrency, 53% consider it a reliable source of value and payment. 40% invest to improve their living conditions and start businesses, 36% invest to supplement their income, 34% seek financial independence, and 26% intend to rely solely on cryptocurrency for their primary source of income.

According to the survey, 60% of Nigerian crypto investors devote their portfolios to cryptocurrency. This is followed by foreign currencies (7%), cash/bank deposits (20%), and foreign currency (7%). 52% of Nigerian crypto investors allocate over half of their investments to cryptocurrencies, while so-called “super crypto investors” which account for 22% of total crypto investors in the country, allocate over 90% of their investment portfolios to cryptocurrencies.

KuCoin data also revealed that Nigeria’s cryptocurrency adoption rate has increased. According to the previous report, KuCoin data also identified that there had been a 1,386.7% increase in the average monthly transaction across African countries between January 2021 and January 2022. Additionally, the number of users experienced a 2,467.2% increase over the same time period.

The KuCoin Into The Cryptoverse report about Nigeria shows how cryptocurrencies are becoming an essential financial instrument in countries like Nigeria in times of economic distress. This includes value storage and payments. Visit the complete report to view it. here.

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