A third of Africa’s crypto owners are from Nigeria

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Thu, 28 Sep 2023, 01:51 PM
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A third of Africa’s crypto owners are from Nigeria

Nigeria is the top county worldwide when it comes to the “number of people searching for ‘bitcoin’ and ‘crypto’ keywords on Google."

Abuja, Nigeria / Image by: Wikimedia Commons

Wed, 31 Aug 2022, 02:55 am UTC

Nigeria has been known for having one of the highest crypto adoption rates in the world. In fact, the country is home to more than a third of all of Africa’s crypto owners.

Africa is catching up with the rest of the world in terms of crypto ownership. Triple A’s latest crypto ownership data estimates that there are now 53 million people who own digital currencies such as Bitcoin (BTC) and Ethereum (ETH) in the continent, accounting for more than 16.5 percent of the global total of around 320 million crypto owners, Bitcoin.com.

Nigeria has the highest number of crypto owners in the continent. The country is home to over 22 million people who own digital currencies, which accounts for more than a third of the continent’s total number of owners.

In Triple A’s global ranking, Nigeria is ranked fourth in terms of the number of cryptocurrency owners. Meanwhile, the United States tops the list with 46 million owners, followed by India and Pakistan at the second and third spots with 27.4 million and 26.4 million crypto owners respectively.

Surprisingly, Nigeria is the top county when it comes to the “number of people searching for ‘bitcoin’ and ‘crypto’ keywords on Google.” This particular finding is corroborated by another study, which suggested that Nigeria is the country most obsessed with crypto.

After Nigeria, South Africa has the second-highest number of crypto owners in the African continent with 7.7 crypto owners, which represents 12.5 percent of the country’s population. Kenya is ranked third with 6.1 million people who own crypto or 11. 6 percent of its population.

Egypt and Tanzania, which each have 2.37 million and 2.32 million crypto owners respectively, round out the top five African nations with the most crypto owners. The least-ranked African nation is Seychelles, with an estimated 1,257 crypto owners.

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