Nigeria Is the World Leader in Crypto Investment and Ownership

Nigeria  is the  richest country in  cryptocurrencies, according to ConsenSys' second annual  global survey.

The report  says emerging markets  such as Nigeria and South Africa are  leading the global adoption of  cryptocurrencies.
The percentage of ownership is highest in the Philippines (54%), South Africa  (68%) and Nigeria  (73%).
These countries are at the forefront of  visible interest in  cryptocurrency awareness,  ownership and  engagement.
According to the survey, 51% of respondents say they understand crypto assets and 93% of respondents  worldwide. Additionally, these countries  showed strong interest in Web3  activities such as  stocks, decentralized finance  (DeFi) use, and  NFT holding.
80% of Nigerian respondents were aware of  decentralization and 77% correctly defined blockchain.  Additionally, 74% of  South African respondents said they were familiar with the concept, compared to 61% of those  in the  Philippines.
The survey also  revealed persistent barriers to  entry despite the  growing interest in  cryptocurrencies in these regions. Concerns about  fraud, market volatility, and a lack of understanding of  their purpose are common  worldwide.
Respondents from emerging markets  indicated their willingness to  embrace virtual currencies despite these  challenges and  obstacles. Seventy-five percent of  respondents expressed concern about  the potential of artificial  intelligence (AI) to spread fraud and create fake news,  noting that blockchain  could be crucial in  solving these  problems.
Blockchain can provide the accountability and transparency  needed to  counter AI-generated disinformation, according to  about 54% of  global respondents.
Commenting on the  survey results on the growing  importance of data privacy, Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys,  said: "It is impossible to  overstate the crucial role that blockchain technology and decentralization play in improving privacy,  trust and transparency in the way our data is  handled.
"The adoption of Web3,  blockchain and cryptocurrency has accelerated recently, with 2024 being a key  year. »
He said this  increase is partly due to the recent  US presidential election, which  could result in more transparent  regulation for the  sector.
Nigeria: A Unique Crypto Market
Nigerians  are turning to the digital world in hopes of making a living as the real economy struggles with high youth unemployment and astronomical food  inflation. Chainalysis, a New York-based  firm that tracks blockchain  usage, estimates that 33% of Nigerians  are currently  invested in cryptocurrencies,  making them the  second-largest in  the world in terms of adoption,  behind India. Nigerians living abroad  are using crypto assets to send money to  family back home, avoiding the hassles and exorbitant fees associated with traditional  expatriate remittance  methods. However, Nigerian  politicians are concerned about the appetite for cryptocurrencies, which are transnational  in nature. They claim that instead of  solving Nigerians' problems, the country's move  to cryptocurrencies has weakened  its ability to govern and further  damaged the  ailing naira.
These obstacles  have not stopped President Tinubu's administration from using a carrot-and-stick approach. While the Nigerian SEC has  nominally regulated  some local cryptocurrency exchanges, at least three  prominent cryptocurrency companies have  exited the Nigerian market this  year.
Bitcoin: The rally is at its peakBitcoin hit a new all-time high,  hitting $106,000 on Monday morning as investors  awaited a rate cut  from the Federal Reserve later this  week. Bitcoin is now up 50% since the  US election and  nearly 8% for the month since Trump's victory,  up 145% year to date. Digital assets continue to benefit from the prospect of a more favorable regulatory environment and the potential creation of a national strategic  reserve of bitcoin under the incoming  administration of Donald  Trump.

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