Results from a recent survey conducted by a Nigerian based bitcoin startup Luno, has shown that quite a number of its citizenry are taking an interest in cryptocurrencies despite the Central Bank of Nigeria’s warning against investing in crypto.
The Luno 2018 Cryptocurrency survey, according to a report by Technext, found that 65 percent of Nigerians know about cryptocurrencies.
More so, of the 1,000 survey respondents, 76 percent were men and 54 percent were women.
Luno further states that the number is most likely going to increase in 2019, despite the price votility, as 48 percent of the respondents has shown an interest in investing in them.
More so, of all the cryptocurrencies available, Bitcoin remains the most popular amongst all, with 80 percent owning it, while 30 percent, 23 percent, and 22 percent of the respondents hold ether, bitcoin cash, and litecoin respectively.
Nigerians have always been known to invest in anything that yields high returns, little wonder why many are embracing the crypto, as indicated by 76 percent of the respondents, while 30 percent use them for payments or remittances. Online shopping and micropayments were also noteworthy uses for digital currencies.
Other reasons for investing in cryptocurrencies by Nigerians is security; 42 percent of the respondents added that better security while transacting would make them more confident in cryptocurrencies.
According to Bloomberg, peer-to-peer bitcoin transactions rose to almost 1,500 percent in Nigeria in 2018.
Luno, however has shown readiness to drive more crypto publicity in Nigeria, noting that 2019 should see an even larger increase of awareness among Nigerians.
Owenize Odia, Luno Country Manager, while speaking on this, said:
“In the coming months, we will continue contributing to the growth of the cryptocurrency market in Nigeria, focusing on education and accessibility.”
The Central Bank of Nigeria, CBN, has not rescinded in its warning about investing in cryptocurrencies, but with the recent increase in Crypto start-ups in the country, more people are bound to jump on the bandwagon.