HIgh Percentage of Nigerians Trust in Bitcoin for Life Savings than Traditional Methods Report Says.

Elastos, a web3 infrastructure company, has published a report highlighting the use of Bitcoin in everyday life, regardless of its current value. 

The findings reveal that Nigeria and the UAE are leading in the use of Bitcoin for daily transactions, surpassing Germany and the UK. 

The report states that approximately 20% of respondents from Nigeria use Bitcoin for transactions at least once a day.

The report also states that 23% of consumers in Nigeria and 20% in the UAE use Bitcoin on a daily basis. 

LFurthermore, the report reveals that 67% of Nigerians trust Bitcoin more than traditional payment methods such as banks or cash to safeguard their life savings.

In addition to Nigeria, respondents from other countries also show significant trust in Bitcoin. 

The report indicates that 35% of consumers from Brazil and 32% of UAE respondents have more confidence in Bitcoin-based services to protect their life savings, which is higher compared to the UK (20%) and Germany (22%).

The report, known as the 'BIT Index,' highlights the role played by the global south in Bitcoin adoption. 

Jonathan Hargreaves, Elastos' global head of business development, emphasizes the significance of Nigerian consumers and their counterparts in the UAE and Brazil entrusting their life savings to Bitcoin.

Moreover, the data reveals that 66% of Nigerians and 35% of Brazilians have more confidence in Bitcoin-based systems compared to traditional alternatives.

Interestingly, 48% of respondents from Nigeria express interest in using Bitcoin for international money transfers. 

However, in Germany and the UK, only 18% and 20% respectively show interest in cross-border Bitcoin transactions.

This trend of embracing cryptocurrencies is occurring as many Nigerians turn to digital assets. 

According to Chainalysis, Nigeria has the second-highest adoption rate of cryptocurrencies globally, following India.

Furthermore, Nigeria's inflation rate reached 30% in January, leading the government to blame Binance, the world's largest crypto exchange, for the currency's depreciation WSJ report. 

As previously reported, Nigeria is at the forefront of crypto adoption, with nearly half of its population owning cryptocurrencies, according to Statista.