Elastos Unveils BIT Index, Shining Light on Global Bitcoin Awareness and Adoption, with Nigeria Leading the Charge

The inaugural BIT Index (Bitcoin; Innovation & Trust), published by Elastos, reveals insights into Bitcoin's global perception and usage. Notably, emerging markets like Nigeria lead in usage, with 23% of respondents using Bitcoin daily, significantly higher than established markets like Germany (8%) and the UK (9%). Furthermore, 67% of Nigerians trust Bitcoin more than traditional services to protect their savings, reflecting the growing adoption of decentralized currencies in the "global south."

Elastos Inaugurates BIT Index, Illuminating Global Bitcoin Awareness, Knowledge, and Usage

Nigerian Consumers Emerge as Leaders in Bitcoin Adoption and Trust

Elastos, a leading Web3 infrastructure provider, has published groundbreaking research that sheds light on Bitcoin's real-world perception and usage patterns around the globe. The inaugural Bitcoin; Innovation & Trust (BIT) Index, compiled from over 1,400 self-identified "tech-savvy" respondents from seven countries, reveals significant insights into emerging markets' pivotal role in the adoption of decentralized currencies like Bitcoin.

Nigerian Market Leading the Charge

Nigerian consumers are at the forefront of Bitcoin's adoption curve, demonstrating exceptional levels of usage, trust, and optimism. A remarkable 23% of respondents from Nigeria use Bitcoin daily, far exceeding the global average of 15%. In comparison, only 8% of German respondents and 9% of those in the UK report daily Bitcoin usage.

Nigerian consumers' confidence in Bitcoin is equally remarkable. A staggering 67% express greater trust in Bitcoin to protect their life savings than in traditional financial institutions such as banks, governments, or even cash. This sentiment aligns with the fact that one in five Nigerian consumers (20%) use Bitcoin to conduct transactions at least once a day.

Emerging Markets Drive Adoption

The BIT Index highlights the growing prominence of emerging markets in shaping the decentralized economy. Brazilian and Emirati respondents also exhibit notable levels of trust in Bitcoin, with 35% and 32% expressing confidence in Bitcoin-based services to protect their life savings, respectively.

In terms of ensuring the integrity of online transactions, emerging market respondents again demonstrate their relative confidence in Bitcoin. An impressive 66% of Nigerian respondents and 35% from Brazil trust Bitcoin-based systems more than alternative options like banks or governments. This stands in stark contrast to the 16% of German and 21% of UK respondents who hold the same view.

Jonathan Hargreaves, Elastos' Global Head of Business Development & ESG, underscores the significance of these findings:

"The inaugural BIT Index offers a compelling glimpse into the decentralized currency landscape. The fact that over two-thirds of Nigerian consumers and a third of their counterparts in the UAE and Brazil trust Bitcoin more than traditional financial instruments speaks volumes about the protagonism of these regions. In many cases, the absence of viable alternatives for cross-border transactions and inflation mitigation is driving this adoption."

Bitcoin's Increasing Utility in Emerging Markets

The research also reveals the purposes for which Bitcoin is increasingly becoming the preferred currency among emerging market consumers:

• Sending and receiving money from abroad: Nigeria (48%) leads the way in this category, compared to the global average of 28% and significantly higher than Germany (18%) and the UK (20%).
• Storing savings: Brazil (51%) and Nigeria (49%) stand out in this area, surpassing the global average of 43% and South Korea's relatively low rate of 27%.

Optimism for the Future

Emerging market respondents also express optimism about Bitcoin's future. A significant 78% of Nigerian respondents and 70% of Brazilians anticipate a rise in Bitcoin's usage and valuation throughout the year. This optimism exceeds the global average of 60%, with the UK (42%) and South Korea (47%) showing less enthusiasm.

Bitcoin Halving Event: Limited Impact on Consumer Perception

The BIT Index also examines the impact of the recent Bitcoin halving event, which occurs every four years and reduces the incentive for Bitcoin mining by half. Despite considerable speculation about its impact on valuations, consumer awareness and concern remain low. A significant 30% of respondents claim to have no knowledge of the halving, while an additional 39% globally deem it irrelevant to their Bitcoin usage.

"The inaugural BIT Index underscores the global south's indispensable role in shaping the decentralized economy, with Nigeria emerging as a particularly prominent example," notes Hargreaves. "The reasons behind Bitcoin's adoption in markets like Nigeria, Brazil, and the UAE, such as cross-border payments, savings protection, and mitigating traditional banking charges, are particularly revealing. These insights will be crucial in defining the next generation of Bitcoin apps and services for the global south and beyond."

Elastos' Role in Advancing Bitcoin's Accessibility

Elastos is at the forefront of developing infrastructure that empowers Bitcoin users to transact directly with buyers and sellers on their own terms without sharing personal data with third parties. Launched in December 2023, BeL2 effectively transforms Bitcoin into a Layer 2 digital currency, allowing Bitcoin holders to directly denominate smart contracts in Bitcoin. This innovation reduces transaction fees and eliminates the need for intermediaries.

Methodology

The BIT Index research was conducted through online interviews with 1,407 self-identified "tech-savvy" respondents from Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US. The interviews were administered by a reputable market research firm between March 30 and April 4, 2024.

About Elastos

Elastos is a public blockchain project that seamlessly integrates blockchain technology with a comprehensive suite of reimagined platform components. This integration creates a modern Internet infrastructure that inherently protects privacy and digital asset ownership. Elastos' mission is to build accessible, open-source services for the world, empowering developers to construct an Internet where individuals retain ownership and control of their data.

The Elastos SmartWeb platform enables organizations to reshape the Internet's functionality, granting them greater control over their data.

For further information, please visit:

• Elastos website: https://elastos.info
• LinkedIn: https://www.linkedin.com/company/elastosinfo/

Media Contact

Roger Darashah

roger.darashah@elastoselavation.org