he CoinGecko study showed that crypto interest is spreading, even in the face of winter. The search engine data revealed an interesting trend - users from Nigeria were actively looking up information on cryptocurrencies more than anyone else.
In light of this new research by Google Trends and Coingeco's recent article about trends within Africa regarding cryptocurrency, it seems there may be hope for blockchain technology to go mainstream, with people all over the world being curious enough.
In recent times, cryptocurrency has been taking over as the preferred means of exchange in Africa. And it isn't hard to see why! Young people especially seem very excited about this new development; many have already ditched their local fiat currencies for digital ones instead - there's no sign whatsoever that they'll be stopping any time soon either.
Popular searches in Nigeria
Despite the fact that the search intensity for 'investment in cryptocurrency' has decreased globally, especially since the April crash, the Nigerian population searched the most for the terms 'cryptocurrency,' 'invest in crypto,' and 'buy crypto.'
Because of the country's lack of financial services, Nigerians are becoming more interested in cryptocurrencies. The failure of financial services in the country, best described as "inadequate," is the same reason that many people across Africa support cryptocurrencies.
35% of Nigerians are investors in the digital currency market as of April of this year, KuCoin reported.
According to the report, "the survey revealed that women account for 50% of crypto investors, on par with men." The breakdown of investment reasons reveals that 53% of investors consider cryptocurrencies to be a reliable value-storage and payment means, 50% invest to gain higher long-term returns, 40% attempt to start their own businesses and improve living conditions, 36% invest to supplement their salaries, 34% strive to achieve financial independence, and 26% hope to rely on cryptocurrencies as their primary source of income without having to work additional hours.
Emirates ranks second
The United Arab Emirates is a cryptocurrency-friendly country that recently introduced new crypto legislation. They formed an expert panel to oversee its adoption and development, making them one of the most progressive nations in both technology use and economic reasons for embracing digital currency.
Singapore ranked third with 260 search results. With a search result of 157, the United States of America came in 12th place. The findings reflect the growing global interest in the digital currency market.
Searches for Ethereum surpassed searches for the well-known Bitcoin in 14 of 15 countries, with Singapore topping the list with 59. The upcoming Ethereum Merge is expected to boost interest in Ethereum over Bitcoin.
It's not surprising that people are interested in investing or buying cryptocurrencies when you think about how much they're worth! The thing is, though - what does this mean for the future of crypto? Will more investors dive into digital currency and create new opportunities, or will there be less demand due to recent events?