Nigeria clinches top spot in crypto use and ownership

Nigeria has taken the top spot among countries with the highest rate of cryptocurrency use and ownership, according to new research.

The research found that almost half the population of Africa’s largest economy have used or owned cryptocurrency.

New research has revealed the top ten countries that are the most popular for cryptocurrency ownership and use.

The study, conducted by online casino guide Trading Browser, analysed data on cryptocurrency ownership and usage. The ranking was done via the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022.

Nigeria tops the list with 45 percent of the population using or owning cryptocurrency in 2022. The nation boasts over 90 million people using cryptocurrency – that’s almost 1.5 times the population of the United Kingdom. From 2019 to 2022, Nigeria saw a 17 percent total increase in ownership and use from 28 percent to 45 percent, equating to over 34 million people adopting cryptocurrency over the three years.

Coming in at second place is Thailand. The Southeast Asian country has a massive 44% of its population reporting to using or owning cryptocurrency – equal to just over 30 million people. Despite being dwarfed by some of the other contenders on the list, Thailand has the biggest uptake in ownership and usage with a huge 21% increase from 23% to 44%. That’s equal to 14.6 million people, just over one in five of the population of the country which is the highest percentage of the top ten.

The number three spot belongs to Turkey. The transcontinental country has 40% of its population owning and using cryptocurrency in 2022, equal to over 33 million people. The adoption of cryptocurrency has doubled from 20% to 40% amongst the population from 2019 to 2022 – over 16 million people. This increase from 2019 to 2022 places Turkey second in terms of cryptocurrency uptake.

The first South American country on the list, Argentina, comes in at fourth with an ownership and usage rate of 35% in 2022 – almost 16 million people. This may well change in the near future though, with several draft laws aimed at institutionalising and regulating various aspects of digital assets and the virtual currency industry.

In fifth place comes the United Arab Emirates (UAE). The UAE is hot on the heels of Argentina, with 34% of the population owning or using cryptocurrency in 2022 – just over one in three people of the almost 10 million population. Minister of State for Foreign Trade, Dr Thani Al Zeyoudi said in a recent interview with Bloomberg that a key area the UAE is looking to expand into, is cryptocurrencies. So, this might well mean that the 34% figure is set to increase over the coming years.

The remainder of the top ten features the Philippines at sixth place with 29% (15 million) of its population using or owning cryptocurrency. Vietnam is in seventh place with 27% of the population, equalling just over 26 million people using or owning cryptocurrency. Surprisingly, in joint eighth place, the country with the highest population in the top ten, India, is matched with the country with the lowest population of the top ten, Singapore. Both nations have a rate of 25% of the population owning or using cryptocurrency in 2022 being over 341 million and almost 1.5 million respectively. In ninth place is Brazil. The second South American country of the top ten has the lowest rate of cryptocurrency ownership and use at only 24% – just over 51 million of the population. Last place in the top ten is South Africa with a usage and ownership of 23 percent, working out to over 13 million people.

Surprisingly, the United States ranks in at 22nd on the list with only 16% of the population owning or using cryptocurrency. That’s equivalent to just over one in six people. The United Kingdom ranks even lower, coming in at 50th place with only 11% of the country owning or using cryptocurrency – equal to just over 7 million people.