A report by an open-source blockchain website, Elastos on Thursday revealed that 20 per cent constituting at least one in five Nigerians are using Bitcoin to carry out transactions everyday.
According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, UAE, UK, and US.
The interviews were completed by a third party, registered market research company and completed between 30 March and 04 April ’24.
The report further revealed that 67 pee cent of Nigerians would have more trust in Bitcoin to project their life savings than traditional services such as banks, local governments and, even, cash.
It read, “The inaugural BIT Index (Bitcoin; Innovation & Trust) – compiled from over 1,400 self-defined ‘tech savvy’ respondents from 7 countries across the globe – sheds light on the actual perception and use of Bitcoin in people’s daily lives, irrespective of its current valuation. Elastos’ BIT Index is part of ongoing research to better track the ‘real world’ use of Bitcoin together with users’ motivations, expectations and barriers around the same.
“In particular, the data reveals the role being played by emerging markets in terms of understanding, usage and confidence around Bitcoin. Nigerian respondents’ levels of usage and trust compare starkly with those expressed from so-called ‘established’ markets such Germany and the UK and Germany where daily usage levels are just 8% (for German respondents) and (9% for their UK counterparts).
“In terms of trust – in addition to Nigeria – significant proportions of respondents from Brazil (35 percent) and the UAE (32 per cent) would have more confidence in Bitcoin-based services to protect their life savings compared to those from markets such as the UK (20 per cent) and Germany (22 per cent).
“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin, compared to alternatives. According to the data 66 per cent Nigerian respondents and 35 per cent from Brazil have more confidence in Bitcoin-based systems than alternatives such as banks, or national Governments, compared to figures of just 16 per cent (Germany) and 21 per cent (UK) who feel the same.
Meanwhile, Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, described the BIT Index’s inaugural findings as indicative of the role the ‘global south’ is playing in the adoption of decentralized currencies such as Bitcoin.
“The BIT Index offers a fascinating and sobering insight into the industry. The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing. In many instances, the driving factor is the absence of viable – accessible – alternatives to, for instance, conduct cross-border transactions or mitigate the impact of inflation,” he said.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
