Following the global crypto crash in April, Nigeria has recorded a growing curiosity and interest in crypto.
Research by CoinGecko based on Google Trends data was conducted on popular crypto search terms that reflect increased interest in the crypto market. It highlighted a significant rise in curiosity among Nigerians. The research states that Nigerians searched the term “cryptocurrency”, “invest in crypto” and “buy crypto” the most among the 15 countries. It had a total search score of 370. Search density for “invest in crypto” saw similar interest rates after the April downfall in Nigeria, in comparison the worldwide search density saw a constant decline.
Nigeria’s growing interest in crypto can be attributed to inadequate financial services in the country. This has also been one of the reasons for crypto adoption across Africa. About 52% of Nigerian crypto investors, that is 17.36 million, have set over half of their assets to cryptocurrencies. Experts believe Nigerians started using crypto as a viable alternative to store and transfer assets.
The United Arab Emirates scored 270 coming in second, and Singapore with 260 came in third, while the United States with a score of 157 fell into the 12th position. Research also showed some of the top cryptocurrencies that people in the 15 countries searched. It revealed that the majority of investors searched for Ethereum rather than Bitcoin. And interest in Ethereum is rocketing with the Merge set for next month.