Crypto: Reports predict 100% global adoption rate for Nigeria by 2030

To explain further, if the crypto use rate in the country continues in its exponential growth, the entire population of the most populous African country will be using digital assets by 2030. 

Two weeks ago, a study by the crypto market tracker, Coingecko revealed that Nigeria is currently leading the pack of countries with the highest interest in crypto despite the market correction experienced in 2022.

The Merchant Machine study sampled data metrics from 50 countries in a bid to discover countries that invest the most in cryptocurrency.

The data from Merchant Machine factored in on five core details which include the number of crypto owners in a country, the global decentralized finance (DeFi) adoption index, the number of businesses that allow crypto payments, the number of Bitcoin (BTC) ATMs, and the monthly search volume of cryptocurrency terms.

Nigeria, however, failed to make it to the top 10 global list of countries utilizing crypto currently despite the prediction of having full adoption by 2030.

The prediction that foretells Nigeria's global crypto takeover stems from its current position as Africa's largest crypto market and also, is due to several challenging economic factors like the continuous devaluation of its local currency, growing inflation and worsening economic conditions.

The list of crypto adoption predictions for 2030 places Nigeria in top spot (100%) with the Philippines (86%), Thailand (64%), Malaysia (61%) and India (50%) coming behind respectively.

On the global scale, the United States currently ranks top in the overall use of cryptocurrencies, scoring 7.75 out of 10. Ukraine ranks second with a score of 5.96, followed by the United Kingdom at 5.79 with India and Thailand occupying the fourth and fifth positions with 5.52 and 5.3 scores respectively.