HomeGamblingNigeria ranks number one globally for cryptocurrency usage and ownership

Nigeria ranks number one globally for cryptocurrency usage and ownership

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According to by Trading Browser, an online casino guide, Nigeria topped the list with 45% of its population using or owning cryptocurrency in 2022. This equates to over 90 million people, almost 1.5 times the population of the United Kingdom. From 2019 to 2022, the country saw a 17% increase in cryptocurrency usage and ownership, with over 34 million people adopting the digital asset.

Thailand came in second with 44% of its population reporting cryptocurrency usage or ownership, equal to just over 30 million people. Thailand saw the biggest uptake in cryptocurrency with a 21% increase from 23% to 44%.

Turkey came in third with 40% of its population using or owning cryptocurrency in 2022, equating to over 33 million people. The country saw cryptocurrency adoption double from 20% to 40% from 2019 to 2022, with over 16 million people adopting the digital asset.

Rank Country 2019 (%) 2020 (%) 2021 (%) 2022 (%) Population Population using crypto Difference from 2019 to 2022 (%) 2019-2022 increase in population using or owning cryptocurrency

1

Nigeria

28

32

42

45

200,963,599

90,433,620

17

34,163,811.8

2

Thailand

23

18

31

44

69,625,582

30,635,256

21

14,621,372.2

3

Turkey

20

16

25

40

83,429,615

33,371,846

20

16,685,923.0

4

Argentina

16

14

21

35

44,938,712

15,728,549

19

8,538,355.3

5

United Arab Emirates

20

10

13

34

9,770,529

3,321,980

14

1,367,874.1

6

Philippines

15

20

28

29

108,116,615

31,353,818

14

15,136,326.1

7

Vietnam

22

21

27

27

96,462,106

26,044,769

5

4,823,105.3

8

India

7

9

15

25

1,366,417,754

341,604,439

18

245,955,195.7

8

Singapore

9

10

11

25

5,703,569

1,425,892

16

912,571.0

9

Brazil

16

11

16

24

212,559,417

51,014,260

8

17,004,753.4

10

South Africa

16

18

21

23

58,558,270

13,468,402

8

4,684,661.6

Argentina was the first South American country on the list, coming in fourth place with 35% of its population using or owning cryptocurrency in 2022. The country has several draft laws to institutionalise and regulate the virtual currency industry, which may change the ownership and usage rate in the near future.

The United Arab Emirates (UAE) came in fifth place with 34% of its population using or owning cryptocurrency in 2022. Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, recently stated that the UAE is looking to expand into cryptocurrencies, which may mean that the 34% figure will increase in the coming years.

The rest of the top ten countries include the Philippines in sixth place, Vietnam in seventh place, India and Singapore tied in eighth place, Brazil in ninth place, and South Africa in tenth place.

Surprisingly, the United States only ranked 22nd on the list with 16% of its population using or owning cryptocurrency. The United Kingdom ranked even lower, coming in at 50th place with only 11% of its population using or owning cryptocurrency.

The study highlights the growing popularity of cryptocurrency in Africa and Southeast Asia, with Nigeria and Thailand leading the way. It also shows that South Africa is also beginning to adopt cryptocurrency, with over 13 million people using or owning the digital asset.

The study serves as a reminder of the increasing importance of cryptocurrencies and their impact on the global economy. As more people adopt digital assets, it is important for nations to consider their stance and regulations on cryptocurrencies to ensure that they are able to fully benefit from this new and growing industry.

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