Nigerians have searched the most for the terms related to cryptocurrencies despite a global decrease in interest after the April crash. The United Arab Emirates ranks second among the countries studied where regulators have introduced new legislation to supervise cryptocurrency adoption.
The results of a study by CoinGecko showed an increase in the curiosity of Nigerian users about cryptocurrencies. Despite the crypto winter, the African country ranks first among 15 countries regarding Google searches for crypto information.
The youngest generation of Nigerians has been ditching the local fiat currency, a trend showing no signs of stopping.
The Most Popular Crypto Searches among Nigerians
Nigerians have searched the most for the terms cryptocurrency, invest in cryptocurrencies, and buy cryptocurrencies. That has happened despite a global decrease in the interest in cryptocurrency investments, especially after the crash in April.
The low level of Nigerian financial services has led citizens to have a growing interest in cryptocurrencies. That same situation has caused many people in all African countries to support crypto assets.
According to a report from KuCoin, 35% of Nigerians have invested in the crypto market since April.
The survey revealed that 50% of the cryptocurrency investors participating in the study were women. The reasons to buy crypto assets include that they are a reliable means of payment and a store of value (53%). Some want to invest for higher long-term returns (50%), while others intend to start a business and improve living conditions (40%).
Thirty-six percent of the respondents say they invest to receive additional income for their salaries. While 34% strive for financial independence, 26% expect to rely on cryptocurrencies without having to work more.
The United Arab Emirates Ranks Second in Crypto Searches
Given the support the United Arab Emirates (UAE) gives crypto assets, it is not surprising that it ranked second. Regulators have introduced new legislation and have formed a specialized agency to supervise cryptocurrency adoption.
Several leading players in the cryptocurrency industry feel attracted to work in the UAE.
While Singapore ranked 3rd with 260 searches, the United States of America was 12th with 157.
Those results reveal there is a growing interest in the crypto market worldwide.
Searches for Ethereum Outperform those for Bitcoin
In 14 out of 15 countries led by Singapore, there were more searches for Ethereum (ETH) than Bitcoin. The growth of interest in the second-largest cryptocurrency might be due to the upcoming Ethereum merger.
Ethereum is moving toward the proof-of-stake (PoW) merger transition in September. The final testnet for the recently occurring Merge completed the last trial before the main event.
The successful integration, which the community has received happily, is just one of many occurring on the testnet in 2022. The merger has been a development that may lead to further changes in the history of the Ethereum network.
Ether is trading at around USD 1,884 and has accumulated an 11.1% gain over the last 24 hours. While its daily trading volume is above USD 25.89 billion, its market capitalization is about USD 226.49, according to CoinGecko.
By Alexander Salazar
