How Nigeria’s Ethnic Diversity Is Driving The Crypto Market
Africa’s largest crypto market, Nigeria continues to gain momentum despite being excluded from the Nigerian financial ecosystem. This reflects the loss of confidence in Nigeria’s traditional financial asset classes.
The data extracted from Paxful adds credibility to such a bias. The world’s leading Peer-to-Peer trading platform reveals that Africa’s largest economy, home to over 200 million people, has grown into its largest market with 1.5 million users. In just four months, around $ 1.5 billion worth of Bitcoin traded hands.
Additionally, data pulled from Google revealed that Nigeria is the only country with a perfect score when it comes to its interest in the flagship crypto.
Using local geographic metrics, Delta State has the highest level of interest in the flagship crypto at the state level, followed by Anambra, Bayelsa, Ondo, and Ekiti. This points to Bitcoin’s stronghold in southern Nigeria.
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However, the same cannot be said of the fast growing crypto, Dogecoin, which was created in 2013 as a joke, to poke fun at the crypto mania of the time. The data reveals that Dogecoin has its strongest trend in north-central and parts of eastern Nigeria, such as Ebonyi, Plateau, Imo, Enugu, Niger, and Nasarawa.
Surprisingly, Borno State, despite being ravaged by conflict, has shown great interest in the dog coin.
Anambra, Ebonyi, Bayelsa, Imo, and Cross River have the strongest interests in Ethereum, which is already hitting records amid the ongoing cryptocurrency bull run.
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Surprisingly, Lagos, Nigeria’s most active economic hub at the state level, does not make the top 10 of any of the rankings despite its strong fintech presence coupled with being home to most platforms. cryptocurrencies from Nigeria like Buycoins Africa, Quidax, Bittle and Bundle Africa.
This data reveals how the crypto market is thriving thanks to Nigeria’s ethnic diversity, taking into account that the country, which is Africa’s largest fintech community and home to Africa’s only two fintech unicorns – Interswitch and Flutterwave, will benefit from policies that encourage diversification and long-term inclusive growth.
READ: Unknown whale moves $ 272 million worth of Bitcoin
In a country subject to a strict exchange rate policy and expensive transaction fees compared to other emerging markets, the crypto industry is booming and is already creating jobs at record levels through start-ups. crypto-based solutions, which facilitate millions of dollars in transactions per day and foster a new wave of crypto-based solutions.
Conclusion: Importantly, the crypto market has facilitated more economic collaboration and cooperation among geopolitical regions in Nigeria, further enhancing the prospects for a strong political and economic entity that many young Nigerians desperately desire.