Emmanuel Ojukwu
Recent research indicates that 67% of Nigerians place more trust in Bitcoin than traditional banks when it comes to safeguarding their savings.
The study highlights Bitcoin’s significant role in Nigeria and other emerging markets, reflecting growing understanding, usage, and confidence in the cryptocurrency. Notably, 20% of respondents, representing at least one in five Nigerians, use Bitcoin for daily transactions.
The research drew insights from over 1,400 self-identified tech-savvy respondents across seven countries, including Nigeria, Brazil, Germany, South Korea, UAE, UK, and US.
Part of the report reads,
“Nigerian respondents’ levels of usage and trust compare starkly with those expressed from so-called ‘established’ markets such Germany and the UK and Germany where daily usage levels are just 8% (for German respondents) and (9% for their UK counterparts). In terms of trust in addition to Nigeria, significant proportions of respondents from Brazil (35 percent) and the UAE (32 percent) would have more confidence in Bitcoin-based services to protect their life savings compared to those from markets such as the UK (20 percent) and Germany (22 percent).
“When it comes to ensuring the integrity of online transactions, emerging market
respondents also revealed their relative confidence in Bitcoin, compared to alternatives. According to the data, 66 percent of Nigerian respondents and 35 percent from Brazil have more confidence in Bitcoin-based systems than alternatives such as banks, or national Governments, compared to figures of just 16 percent (Germany) and 21 percent (UK) who feel the same.”
Commenting on the report, Global Head of Business Development & ESG, Jonathan Hargreaves stated that the fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing.
