Bitcoin Adoption Trends in Nigeria and UAE: Elastos Report Highlights Daily Use

The use of Bitcoin for daily transactions is on the rise, with a recent report from Elastos highlighting the trend in Nigeria and the UAE. According to the report, these two countries have topped the list in terms of daily Bitcoin usage, with 23% of consumers in Nigeria and 20% in the UAE using Bitcoin for transactions every day.

Interestingly, the report also revealed that a significant number of respondents from Nigeria have more trust in Bitcoin to protect their life savings compared to traditional payment methods like banks or cash. In fact, 67% of Nigerians surveyed said they would trust Bitcoin more with their life savings.

The report, known as the ‘BIT Index,’ also pointed out the growing adoption of Bitcoin in the ‘global south,’ with consumers from Brazil and the UAE showing similar levels of trust in Bitcoin-based services. This contrasts with markets like the UK and Germany, where trust in Bitcoin for protecting life savings is lower.

The data also showed that a large percentage of respondents from Nigeria are interested in using Bitcoin for cross-border transactions, indicating a growing interest in the cryptocurrency for international payments.

This news comes at a time when Nigeria is experiencing a surge in crypto adoption, with the country being ranked second in the world for crypto adoption after India. The high inflation rate in Nigeria has also contributed to the growing interest in cryptocurrencies, with the government even blaming crypto exchanges like Binance for the currency crash.

Overall, the report from Elastos sheds light on the increasing use of Bitcoin in daily transactions and the growing trust in the cryptocurrency for financial security, particularly in regions like Nigeria and the UAE.