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Nigeria becomes the most crypto-obsessed nation after April’s crash

Nigeria becomes the most crypto-obsessed nation after April’s crash

Google Trends data ranks nations by their most recent crypto search terms. Ethereum outperforms Bitcoin in search terms

By Shashank Bhardwaj

Image: Shutterstock

Most crypto assets lost more than 60 percent of their peak valuations during the crypto market crash in April. This led to a general decline in trading and investor activity and interest. Despite the April crash, the most recent study has shown global interest and curiosity in crypto assets.

The study considered Google Trends data related to cryptophrases, which are popular search queries. The overall search rating was published after combining the results of each country’s search history. The research considered the data from 15 countries around the world.

The study further emphasized the popularity of the crypto market among the Nigerian population, with the most searched phrases such as “buy crypto” and “invest in crypto” leading to an overall rating of 370. The lack of competent financial services in Nigeria has fueled curiosity about crypto among the Nigerian population and is a major driver of crypto adoption across Africa.

Following April’s collapse in Nigeria, search density for the phrase “invest in crypto” has increased at the same rate, while search density worldwide has, in contrast, steadily decreased.

In early April, KuCoin’s “Into the Cryptoverse Report” highlighted rising crypto interests among Nigerians. It has been reported that 35 percent of the population aged 18-60 currently own crypto assets or have traded them in the last 6 months. 52 percent of crypto investors from the Nigerian community consistently save more than half of their investments in the form of crypto assets.

With a search result of 270, the United Arab Emirates (UAE) took second place due to the increasing crypto inclination of its fellow citizens. Singapore was declared third in a row with a score of 260, while the United States ranked 12th with a search score of 157.

Ethereum searches outperformed Bitcoin searches 14 of them. Singapore dominated the rankings with a score of 59. The upcoming merger to the Proof-of-Stake (PoS) network could be the reason for the increased interest in Ethereum over Bitcoin. The merger is scheduled to take place in mid-September.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

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