Simple research on Google trends would show us that Nigerians are the #1 nation that is most interested in cryptocurrencies, namely Bitcoin. The amount of search queries connected to Bitcoin in Nigeria is more than anywhere else, even in countries such as the USA and the UK. The only countries that are somewhat close to the number of searches are South Africa and Ghana.
With these indicators we can determine that Nigerians are interested in cryptocurrencies right? Furthermore, it is a basis of the assumption that Bitcoin is extremely popular with Nigerians. But why is this the case? Why are Nigerians interested in such a thing? Well, everything is connected to the financial situation in the country.
Plenty of examples
Cryptocurrencies are not the only financial market that Nigerians are interested in. Forex, stocks, commodities, all of that is fair game. And the reason as to why they’re so popular is the amount of cases studies with various successful traders. As a matter of fact, the traders don’t even need to be Nigerian, they can be from pretty much any African country. You see, back when Bitcoin trading in South Africa was on the rise, Nigerians were keeping a close eye to the development. Even though South Africa has been named as the #1 country in terms of cryptocurrency ownership, Nigerians are not far behinds.
All of the success stories of these Nigerian and South African crypto investors, pushed a lot of locals to research cryptocurrencies. Hence, we have such a large search rate. But does the search rate translate into massive crypto ownership in the country?
Yes, it does. Thanks to the fact that most young Nigerians make purchases from offshore companies or websites, it soon became apparent that making payment with cryptocurrencies was way cheaper than with fiat currencies. This is where the snowball was formed and there was nothing but a downwards slope full of snow.
Soon after the discovery of cheap transaction prices, Nigerians found out that it was extremely easy to generate profit with cryptocurrencies. This was at a time where young people were finding it quite hard to find well-paying jobs locally. Cryptocurrencies were an alternative to generate enough profit to support themselves.
Access to better jobs
After months of trading cryptocurrencies, it is easy to get the general idea of how they work, therefore it is easy to apply for various news websites to generate profit through personal contributions and articles. Some Nigerians opted for making their own websites about cryptocurrencies. Some were lucky enough to do it at the end of 2017 when cryptos were in full swing. After that, the age of ICOs started, which managed to provide income to the website owners well in the tens of thousands of dollars.
Overall, the popularity of cryptocurrencies in Nigeria was enforced by numerous success stories of local and other African traders.