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Cryptocurrency News Articles
Nigerians Embrace Bitcoin, Trusting It Over Traditional Institutions
Apr 28, 2024 at 10:48 am
A report by Elastos reveals Nigerians' high trust in Bitcoin-based systems, surpassing traditional alternatives like banks and governments. The BIT Index survey shows that 66% of Nigerian respondents have more confidence in Bitcoin, with 20% using it for daily transactions and 67% preferring it for life savings protection. Emerging markets like Brazil and the UAE also exhibit strong trust, while developed nations such as Germany and the UK express lower confidence. The report highlights the increasing role of developing countries in driving Bitcoin adoption, fueled by a lack of accessible alternatives and concerns about inflation.
Nigerians Embrace Bitcoin, Trusting It More Than Traditional Systems
Elastos' Inaugural BIT Index Unveils Surprising Findings
A groundbreaking report by Elastos, an open-source blockchain website, has revealed a remarkable shift in trust among Nigerians, who now place greater confidence in Bitcoin-based systems compared to conventional alternatives like banks and government institutions. This startling finding paints a vivid picture of the growing adoption of Bitcoin in emerging markets, with Nigeria and the UAE leading the charge.
Nigerian Respondents Express Overwhelming Trust in Bitcoin
Elastos' inaugural Bitcoin Innovation & Trust (BIT) Index delves into the rising popularity of Bitcoin, highlighting the key role emerging markets play in its adoption. The study surveyed 1,407 "tech-savvy" individuals across Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US.
According to the report, a staggering 66 percent of Nigerian respondents expressed greater trust in Bitcoin-based systems than banks or their national government. This level of trust far exceeds that of Germany (16 percent) and the UK (21 percent).
Bitcoin's Rise as a Transactional Tool in Nigeria
Beyond trust, the survey also found that 20 percent of Nigerian consumers use Bitcoin for daily transactions. Notably, 67 percent of Nigerian respondents indicated they would trust Bitcoin more than traditional services to safeguard their life savings.
Global South's Role in Bitcoin Adoption
Jonathan Hargreaves, Elastos' Global Head of Business Development & ESG, sees these findings as a testament to the significant role the "global south" is playing in the adoption of decentralized currencies like Bitcoin.
"The BIT Index provides a thought-provoking and sobering perspective on the industry," said Hargreaves. "The fact that over two-thirds of Nigerian consumers would trust Bitcoin more than traditional financial instruments speaks volumes about the protagonism these regions are already playing."
Absence of Viable Alternatives Fosters Bitcoin Adoption
In many cases, the absence of accessible and reliable alternatives drives Bitcoin adoption, particularly for conducting cross-border transactions or mitigating the impact of inflation.
Nigeria's Booming Crypto Economy
Despite market volatility, Nigeria's crypto economy has witnessed remarkable growth. According to Chainalysis, a cryptocurrency research firm, Nigeria's crypto transaction volume surged to a staggering $56.7 billion in 2023.
Government's Mixed Signals
While Bitcoin is gaining traction in Nigeria, the government has taken a somewhat ambivalent stance. On one hand, it has implemented measures to regulate cryptocurrency exchanges and trading platforms. On the other hand, the government acknowledges the potential benefits of blockchain technology.
Conclusion
The Elastos BIT Index paints a compelling picture of Nigeria's burgeoning trust in Bitcoin. This shift in sentiment reflects the growing recognition of Bitcoin's utility and potential as a viable alternative to traditional financial systems. As the crypto landscape continues to evolve, it will be fascinating to witness the ongoing interplay between Bitcoin adoption, government regulation, and the broader financial ecosystem.
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