32% of Nigerians Use Bitcoin — World’s Highest Percentage: On Saturday, Twitter CEO Jack Dorsey posted about Nigeria being the highest percentage in the world to use cryptocurrencies. The CEO seems to be surprised as he tweets “Wow: 32% of Nigerians own Bitcoin, the highest percentage in the world.”
According to Statista, Nigeria is indeed the first among the countries that are using/owns Bitcoin. Vietnam (21%) goes second, followed by the Philippines with 20%. Other countries included on the list were Turkey, Peru, Switzerland, India, China, U.S, Germany, and Japan.
Previously, Vice President Yemi Osinbajo of Nigeria shared that he supports cryptocurrency.
In most countries, currency collapses have caused hardship to most people. Argentina, Brazil, China, Mexico, Russia, Thailand, Turkey, Indonesia, South Africa, and Lebanon, for instance, have all gone through at least one currency devaluation cycle since the 1970s. Bitcoin, on the other hand, has a fixed and predetermined monetary policy.
Alongside Jack’s tweet, he also linked an open letter the US Senator Elizabeth Warren written by a crypto enthusiast. It can be recalled, Senator Warren has been publicly sharing her views against Bitcoin and the whole crypto itself. Thus, she’s been pushing tough crypto regulations in the Senate.
In the open letter entitled ‘Why Progressives Should Love Bitcoin: An Open Letter to Senator Elizabeth Warren’, writer Samantha Messing said,
As the Nigerian naira plummets in value, Bitcoin has become a necessity. 32 percent of Nigerians own Bitcoin, the highest percentage in the world. Furthermore, remittances into Nigeria exceeded $17 billion in 2020, and a substantial proportion of this value is conveyed in Bitcoin.
Lastly, she said, Nigeria has one of the youngest populations in the world. Thus, the writer believes this progressive cohort increasingly embraces Bitcoin. Ending her open letter with a handful of syllabus links regarding Bitcoin as she wants people to truly understand it.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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