News Review: Nigeria is the Highest Crypto Owner’s in World
Based on the report on ground it has emerged that growing markets like that of Nigeria and
South Africa are driving the global use of crypto-currencies.
This countries are at the fore front of making notable interest in crypto-currency related ownership
awareness and engagement.
Based on the report the percentage of crypto ownership 54% in the Philippines, 68% in South Africa and the
highest is Nigeria with 73%.
According to the survey on respondents 51% of respondents say they understand crypto assets and process and
93% of the respondents understand and are aware of crypto assets and process.
Furthermore 80% of Nigerian respondents are aware of decentralization while 77% defined block-chain correctly.
in addition to this, 74% of respondents from South Africa said they are aware of the concept of decentralization,
compared to 61% of those from the Philippines.
With the increasing interest in crypto-currency in these regions, their is a big concern about scams, market volatility,
and a lack of understanding of its purpose are common world-wide.
Respondents coming from emerging markets have shown a willingness and readiness to accept virtual currencies
despite these difficulties and barriers around it.
75% of those surveyed expressed concern about artificial intelligence’s AI’s potential to spread fraud and create fake news,
emphasizing that blockchain may be crucial in resolving these issues.
In other to tackle disinformation, blockchain can offer the accountability and transparency required to counteract artificial intelligence
to roughly 54% of participant worldwide.
Joseph Lubin co-founder of Ethereum and CEO of consensy said this based with regards to data privacy: “It is impossible to overestimate the crucial role that blockchain technology and decentralization play in improving privacy, trust, and transparency in the way our data is handled.
He clarified that this growth is partly due to the recent U.S. presidential election, which might result in more transparent regulations for the sector.
Nigeria An Important Crypto Market In The World
Chainaiysis, a New York-based company that tracks blockchain use, estimated that 33% of Nigerians currently invest in crypto-currencies, placing the country second in the Global adoption after India.
Also, Nigerians have been drawn to the digital world in hopes of making a living as the real Nigerian economy, plus struggles with high youth unemployment and the high increase in food prices.
Nigerian’s living abroad use crypto assets to send money to their families back home, avoiding the hassles and exorbitant fees associated with traditional remittance methods.
Nigerian policymakers have been concerned about the appetite for cryptocurrencies, which are transnational by nature.
They claim that instead of resolving Nigerians’ problems, the country’s move toward cryptocurrencies has weakened their ability to govern and further harmed the struggling naira.
While the Nigerian SEC has theoretically regulated a few local cryptocurrency exchanges, at least three well-known cryptocurrency companies have left the Nigerian market this year.
Bitcoin Bullish Run surged to a new all-time high, reaching as high as $106K on Monday morning as investors anticipated a rate cut by the Federal Reserve later this week.
Bitcoin is now up 50% since the U.S. elections and almost 8% for the month since Trump’s victory.
Digital assets continue to benefit from the prospect of a more favorable regulatory environment and the potential creation of a national strategic bitcoin reserve under the incoming Donald Trump administration.