One in five Nigerians trust Bitcoin than banks – Report

Alex Omenye
Alex Omenye

One in five Nigerian consumers are using Bitcoin for daily transactions, with 67% expressing more trust in Bitcoin than traditional services like banks, local governments, and cash for safeguarding their life savings, a new research published by Elastos, specialists in Web3 infrastructure, revealed.

The inaugural BIT Index (Bitcoin; Innovation & Trust) collected data from over 1,400 self-identified ‘tech-savvy’ respondents across seven countries globally. It sheds light on the actual perception and usage of Bitcoin in people’s daily lives, irrespective of its current valuation.

Elastos’ BIT Index aims to track the real-world use of Bitcoin, along with users’ motivations, expectations, and barriers surrounding its adoption. The data highlights the significant role played by emerging markets, particularly Nigeria, in understanding, utilizing, and trusting Bitcoin compared to more established markets like Germany and the UK.

The research indicates that consumers in Brazil and the UAE also express significant confidence in Bitcoin-based services to safeguard their savings compared to those in the UK and Germany.

Moreover, emerging market respondents exhibit higher confidence in Bitcoin-based systems for online transactions compared to alternatives like banks or national governments.

Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, emphasized the growing adoption of decentralized currencies like Bitcoin in the ‘global south.’ He noted the absence of accessible alternatives for cross-border transactions and inflation mitigation, driving the protagonism of these regions in Bitcoin adoption.

Regarding usage, Bitcoin is increasingly becoming the currency of choice among consumers in emerging markets for sending and receiving money internationally and storing savings.

Furthermore, respondents from Nigeria and Brazil express optimism about the future growth and valuation of Bitcoin compared to the global average.

The research also addressed the recent Bitcoin halving event, revealing limited awareness or concern among consumers about its impact on Bitcoin’s valuation.

Jonathan emphasized the importance of insights from emerging markets like Nigeria, Brazil, and the UAE in shaping the next generation of Bitcoin apps and services globally.

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