AGS NEWS – A recent report from Elastos, a blockchain website, revealed that 20% of Nigerians, representing at least one in five people, are using Bitcoin for daily transactions.

The research gathered insights from 1,407 self-described “tech savvy” individuals in Brazil, Germany, Nigeria, South Korea, UAE, UK, and US through online interviews conducted by a registered market research company between March 30 and April 4, 2024.

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The findings indicate that 67% of Nigerians would trust Bitcoin more than traditional services like banks, local governments, and cash to safeguard their life savings.

According to Elastos’ BIT Index, which analyzes Bitcoin’s real-world usage and user perceptions, emerging markets like Nigeria demonstrate higher levels of Bitcoin usage and trust compared to established markets like Germany and the UK. For instance, daily usage levels are significantly higher in Nigeria (20%) compared to Germany (8%) and the UK (9%).

Regarding trust in Bitcoin-based services, a significant portion of respondents from Brazil (35%) and the UAE (32%) also express more confidence in Bitcoin to protect their life savings compared to respondents from the UK (20%) and Germany (22%).

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Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, commented on the findings, highlighting the increasing role of the “global south” in adopting decentralized currencies like Bitcoin.