Nigeria’s 24.2% Bitcoin Adoption Rate: The Highest Rate of Crypto Ownership Globally

 

Bitcoin Is the Most Popular Coin in Nigeria

In addition to finding the West African nation as the country with the highest proportion of citizens that hold cryptocurrencies globally, the survey also discovered that “of the 1 in 4 online adults in Nigeria who own some form of cryptocurrency, bitcoin is the most popular coin in Nigeria at 66.5% of crypto owners.” Alternatively, this means more than half of the 24.2% of Nigerian respondents that own cryptocurrencies are in fact bitcoin holders.

On the other hand, the survey findings suggest ethereum (ETH) is the second most popular coin with Nigerian cryptocurrency holders, at 23.8%. Despite this seemingly high rate of interest in ETH, the ratio of Nigerians holding this cryptocurrency relative to other countries is still lower, the survey data suggests.

In fact, according to the survey, the 23.8% ETH ownership ratio is only enough to see Nigeria being ranked the 15th country out of a total of 22 countries.

Dogecoin in Third Place

Meanwhile, the survey findings show the meme coin, dogecoin, in third place at 21.8%. This ratio in turn is enough to see Nigeria feature in the top ten. The survey report explains:

Dogecoin is the third most popular choice with crypto adopters in Nigeria, with 21.8% of adults who own crypto holding the coin. This makes it the 8th ranked country in our list of 22 countries in terms of dogecoin ownership among those that own crypto.

In terms of the makeup of cryptocurrency owners in Nigeria, the survey found 62.9% of Nigerian crypto owners to be men while women account for the remainder.

In other words, this disparity between the number of males and females that own crypto means men are 1.7 times more likely to own crypto. With the average figure globally at 1.5, this means Nigeria has the 11th highest male dominance of the 22 countries.

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Nigerian Judge Rules in Favour of Accused Crypto Startup, Accounts to Be Reopened

 

A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened.

CBN’s Bank Account Freeze Order Dismissed

In a ruling that overturns the Central Bank of Nigeria (CBN)’s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo is quoted by The Nation insisting that the central bank could not simply rely on a mere circular when deciding to close an account.

Bitcoin briefly crashed 87% to about $8,000 on Binance's US crypto trading platform

 

• Bitcoin plummeted to $8,200 on Binance's US platform, Coin Telegraph first reported.
• The brief decline in the cryptocurrency was an 87% fall from $65,815.
• Binance's CEO tweeted "expect very high volatility in #crypto over the next few months."

Bitcoin rises above $62,000; RSS calls for crypto regulation

 The crypto market is trading mixed on Monday morning, with Bitcoin trading nearly 2 percent higher at $62,134. The coin has surged nearly 12 percent in the past seven days, having crossed $60,000 last Saturday. The coin is close to an all-time high as investors hoped US regulators would soon approve a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

$447,746 Paid in Failed Ethereum Transaction

 

Ethereum (ETH) transactions can be tricky when it comes to fees, and this is far from the first time somebody paid massive amounts for a transaction, and a failed one at that – this time USD 533,901 in total.

What it seems had happened is that this user wanted to partake in the token sale by derivatives decentralized exchange (DEX) Strips Finance. Announced five days ago, Initial Dex Offering (IDO) – aka the STRP token sale – was conducted on Sushiswap’s MISO platform on October 13, lasting for 24 hours.

Crypto trading thrives in Nigeria despite official disapproval

 

LAGOS, Oct 12 (Reuters) - Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.

“Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works.

Crypto Funds Doubled Inflows Last Week, Bitcoin Leads the Pack

 

BeInCrypto –

Digital asset management firm CoinShares has released its weekly report on fund flows for the crypto market. The highlight of the report, published on Oct 11, is that the amount of new capital flowing in has doubled in the past week.