Nigerians have not lost their appetite for cryptocurrencies despite the cumulative value of the digital assets falling by 60% since its all-time peak.
Still, Google Trends data shows that investors in Nigeria remain interested in making digital asset purchases, with the search volumes remaining steady throughout the downturn.
Nigeria achieved an assessment score of 370 for searches such as “buy crypto” and “invest in crypto”, which reflects the country’s preparedness to continue investing.
According to an earlier report by KuCoin, 35% of the population aged 18 to 60 owns cryptocurrencies. Meanwhile, 52% of all crypto investors in Nigeria constantly hold half of their assets in crypto to save up.
Another country scoring high on the assessment metric was the United Arab Emirates, which came second with 270.
Singapore was third with 260. The US ranked only 12th with 157. Ethereum remained one of the most searched for cryptocurrencies, overtaking Bitcoin in 14 of the 15 countries surveyed.
Cryptocurrencies have often been seen as a way to protect one’s savings against the vicissitudes of the financial system. In countries where the local currency has shown habitual weakness, many locals have opted for digital assets instead.
Sri Lanka even had to warn investors against cryptocurrency holdings because the economic downturn has devalued the rupee and prompted officials to try and apply additional controls over the currency.