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Business News of Monday, 15 August 2022

Source: vanguardngr.com

Nigeria tops world’s countries in obsession with cryptocurrency

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A research by a crypto price tracker CoinGecko, has revealed that Nigeria is ranked number one among countries curious about cryptocurrency since April this year.

The examination was part of the Google Trends data of search terms frequently used by Nigerian people interested in cryptocurrency.

It disclosed that these terms were then combined to give each English-speaking country a ‘total search score’ to discover which countries have been the most interested in cryptocurrency since the market crash in April 2022.

According to a release made available by Journo Research, with a total search score of 371, Nigeria topped the list for its population having the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide.

It added that the population of Nigeria’s search for the cryptocurrency ‘Solana’ is the third most worldwide.

The United Arab Emirates is the country that is second most curious about cryptocurrency since the market crash in April this year, with a total search score of 270.

UAE has the second-highest proportion of its population searching for both the word ‘cryptocurrency’ and the term ‘invest in crypto’, placing it second in the ranking.

Singapore ranks as the third country most interested in cryptocurrency since April this year. The Southeast Asian country has the third-highest level of searches for the term ‘buy crypto’, in addition to being the country searching for the cryptocurrency ‘Ethereum’ the most worldwide, giving Singapore a total search score of 261.

Aside from them, the United Kingdom also ranks as one of the countries most interested in cryptocurrency since April this year, placing fifth overall. With a total search score of 198, the UK has the sixth-highest level of searches for the term ‘buy crypto’ and the third-highest number of searches for ‘invest in crypto’. According to CoinGecko, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the UK.

Interestingly, the United States is the twelfth country most interested in cryptocurrency worldwide. The study revealed that the US has the tenth-highest search levels for the term ‘buy crypto’ and is the sixth country most interested in the cryptocurrency ‘Solana’, totalling a search score of 157. Similar to the United Kingdom, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the United States right now, according to CoinGecko.

The chief operating officer and co-founder of CoinGecko, Bobby Ong commented on the study: “This year, we see a major correction from previous bull cycle highs, which have resulted in significant price drawdowns in an unforgiving macroeconomic environment.

“This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks. The countries at the top of this list appear to be keenest to buy the dip, and highlight their long-term outlook for cryptocurrencies.”

This study was conducted by CoinGecko, the world’s largest independent cryptocurrency aggregator.

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