An open-source blockchain website released a report indicating that at least one in five Nigerians, equivalent to 20%, are utilizing Bitcoin for their daily transactions. The study involved interviewing 1,407 self-defined ‘tech-savvy’ respondents online across seven different countries: Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US.
The interviews, carried out by a registered market research company, took place between March 30 and April 4, 2024. The report also highlighted that 67% of Nigerians expressed more trust in Bitcoin to safeguard their life savings compared to traditional services like banks, local governments, and even cash.
The inaugural BIT Index (Bitcoin; Innovation & Trust) compiled insights from over 1,400 ‘tech-savvy’ respondents worldwide, shedding light on Bitcoin’s actual perception and usage in people’s daily lives. Elastos’ BIT Index aims to track the real-world use of Bitcoin, along with users’ motivations, expectations, and barriers.
Of particular note is the significant role played by emerging markets, particularly Nigeria, in understanding, using, and trusting Bitcoin. Nigerian respondents demonstrated higher levels of usage and trust compared to respondents from established markets like Germany and the UK.
Regarding trust, significant proportions of respondents from Brazil and the UAE also expressed more confidence in Bitcoin-based services for protecting their life savings, surpassing figures from the UK and Germany. Additionally, emerging market respondents exhibited relative confidence in Bitcoin for ensuring the integrity of online transactions compared to alternatives such as banks or national governments.
Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, characterized the BIT Index’s inaugural findings as indicative of the ‘global south’s’ role in the adoption of decentralized currencies like Bitcoin.