Cryptocurrency News

Cryptocurrencies Are Here To Stay As Nigeria Is Obsessed With Them

It was in April of 2022 when the overall situation of cryptocurrencies turned into a huge disaster. Millions of investors were left devastated due to the huge crash the crypto-verse suffered in the month of April.

Cryptocurrencies Struggle to Recover to Pre-April Market Conditions

Despite the constant input and rallies formed by the bulls and the enthusiastic investors, the cryptocurrency industry has failed to recover back to its pre-April situation.

Due to the huge crash of the cryptocurrency industry, many investors have grown extremely concerned about the existence of cryptocurrencies.

It has become a huge question among many investors as well as mainstream institutions whether cryptocurrencies are here to stay for good or not.

Due to the crash, cryptocurrencies have lost more than 60% of their total value. The downfall within the cryptocurrency sector has been tremendous.

As a result of the crypto-downtrend, a huge dent has been witnessed in venture capital investments, investor interest, and trading activities.

Google Trends Data

Following the crash of the cryptocurrency industry in April 2022, research has been carried out by the Google Trends data.

The data has shown that following the downtrend of the crypto-verse, the interest of people has grown tremendously in acquiring more cryptocurrencies.

This means that instead of losing confidence, people who were once left out of investing in cryptocurrencies were waiting for the right opportunity.

This is the reason why just when cryptocurrencies fell tremendously, people in countries with weak economies started to invest in cryptocurrencies.

Nigerians have a Huge Interest in Cryptocurrencies

Ever since the cryptocurrency market crashed, the level of interest among Nigerians for cryptocurrencies has risen tremendously. Their curiosity level in acquiring cryptocurrencies is much more than the rest of the countries.

Nigeria is currently on top of Google Trends, which shows that the people are ahead of the rest in terms of searches about cryptocurrencies.

The total search score of Nigeria for keywords such as “buy crypto”, “invest in crypto”, and “cryptocurrency” is 370.

Why Nigerians are Interested in Cryptocurrencies

As per the majority of Nigerians, the financial services in the country are inadequate. This is the major driver behind the growing interest of Nigerians in cryptocurrencies.

Nigeria is not the only country with a growing interest in cryptocurrencies but almost every country in the African region is after the same goal.

The research has revealed that more than 52% of the total cryptocurrency investors in Nigeria have invested more than half of their assets in cryptocurrencies. The percentage translates to a total of 17.36 million crypto-investing people in Nigeria

This is a confirmation for those who were thinking that cryptocurrencies were losing their charm. Now, the doubts surrounding the permanent crash of cryptocurrencies have been washed out with recent research results.

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