Nigeria becomes the most crypto-obsessed nation after April crash: Report
The crypto market crash in April saw most cryptocurrencies lose more than 60% of their valuation from the top, leading to an overall downturn in trading activity, investor interest and venture capital investment. A recent study has highlighted nations' growing curiosity and interest in crypto after the April crash.
The research was based on Google Trends data of popular crypto search terms that often reflect increased interest in the crypto market. The search history of each nation was then compiled to give an overall search score. The countries at the top of the list appear to be most eager to buy the dip.
The Coingecko research highlighted a significant rise in curiosity among Nigerians after the crypto market downturn in April. The Nigerian population searched the term ‘cryptocurrency,’ ‘invest in crypto,’ and ‘buy crypto’ the most among the 15 countries that were part of the research and had a total search score of 370.
The following two Google trend charts show the data for "invest in crypto" searches in Nigeria compared to the world. The search density for the term has seen similar interest rates after the April downfall in Nigeria, while the worldwide search density has seen a constant decline in comparison.
Data for "Invest in Crypto" search term in Nigeria Source: Google Trends
Data for "Invest in Crypto" search term worldwide Source: Google TrendsNigeria’s growing interest in crypto is fueled by inadequate financial services in the country, something that has been a key reason for crypto adoption across Africa. As Cointelegraph reported in April, nearly 17.36 million (or 52% of Nigerian crypto investors) have allocated over half of their assets to cryptocurrencies. Nigerians started using crypto as a viable alternative to store and transfer assets.
Related: Global Bitcoin adoption to hit 10% by 2030: Blockware report
The United Arab Emirates (UAE) came in second with a search score of 270, which didn't come as a surprise to many, given the country’s recent push for crypto adoption. Singapore ranked third with a search score of 260, while the United States was ranked 12th with a search score of 157.
The search score data also highlighted some of the top cryptocurrencies that people in these 15 countries searched. Interestingly, Ethereum (ETH) searches outscored Bitcoin (BTC) in 14 of the 15 countries, with Singapore leading the chart with a score of 59. The rise in interest towards ETH over BTC could also be attributed to the upcoming Merge to the proof-of-stake network slated for the third week of September.