Crypto serves as a means to get out of fiat's inflationary trap for Nigerian investors.
than traditional investments such as gold, oil, stocks and real estate.
The KuCoin report further highlights peer-to-peer trading as the most popular method among Nigerian investors to convert fiat into crypto assets. Doubling down on the crypto adoption spree, roughly 23.38 million Nigerians, or 70% of existing crypto investors, will increase their cryptocurrency investments over the next six months.
The value of the naira, the nation’s fiat currency, has fallen by over 209% in the past six years, which stands as one of the key drivers for local investors to eye deflationary assets such as Bitcoin . The report also shows that while a majority of Nigerian crypto investors began their hodling journey many years ago, 26% began investing in cryptocurrencies just six months back — owing to the 2021 bull run, which sawIn October 2021, Nigerian President Muhammadu Buhari introduced the country’s central bank digital currency, the eNaira.
As Cointelegraph reported, India, Brazil and Hong Kong witnessed the highest crypto adoption, with more than 50% of respondents acknowledging investing in cryptocurrencies.Gemini’s report also found that Indonesia and Brazil are leading the world i the share of cryptocurrency investors among the general population.
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