32% of Nigerians Have Used or Owned Bitcoin—the Largest Quota in the World
Africa's most populous country, Nigeria, is crypto and Bitcoin active. A whopping 32 percent of its population, reports show, have at one point used or owned Bitcoin. This is one of the largest percentages in the world, an indicator of interest and adoption.
Before this revelation, various reports had also highlighted how innovative Nigerians were using the technology to pay for goods in China, bypassing legacy payment channels known for their lag.
However, despite attempts to ban Bitcoin in the country, Nigerians have none of it and continue to use Bitcoin and crypto in droves. Part of this is due to the high inflation and falling Naira. Combined with the effects of the coronavirus pandemic, tight controls by its central bank, and high inflation, many are opting to use BTC—a deflationary currency—instead.
Bitcoin's features of censorship-resistant, global reach, and a relatively developed infrastructure allowing easy entry and exit have played a big part in sparking adoption.
In all, traders are set to draw massive benefits from this. The more BTC finds utility, the higher the demand and liquidity. Consequently, upward pressure is a development that directly helps prop Bitcoin bulls—a net positive for traders who expect BTC/USD prices to reach the 'magnetic' $100k.