Two Developing Nations with Surprisingly High Cryptocurrency Penetration

By Cje95 | Chronic Illness and Crypto | 3 Sep 2022

When it comes to the adoption of cryptocurrencies across the world, people measure it in several ways. These methods range from the numerical number to the percentage of a country's population. Data presented in these different fashions do not really relate to each other instead they are an excellent way to compare and contrast the adoption of this new form of monetary transaction. 


While the U.S. is by far the leader in this space in terms of the number of users data can show us really interesting tidbits like how Nigerian, which has the fourth largest number of crypto owners in the world, market is responsible for roughly a third of the entire African continent! When it comes to internet searches about Bitcoin and cryptocurrency Nigeria leaves other countries in the dust and honestly, it is not even close. According to recent data, this breaks down to roughly 10% of the 220 million people in the country. Which is roughly the same percentage of the population as Pakistan and Russia and double the percentage of France, Germany, and Singapore. Taking all of this into consideration this is a surprisingly high number across the board and not limited to just one or the other. 


Another country that recent surveys have flagged as surprisingly high is the Kingdom of Saudi Arabia. This survey differed from the previously stated one in that it also included the number of investors who had traded in the currencies. In the adult population in Saudi Arabia ages, 18 to 60 around 3 million people had either owned or traded crypto in the last 6 months. This is roughly 14% of their adult population and further questioning revealed that another 17% of respondents labeled themselves as crypto-curious. Of those who were already crypto investors half of them anticipated increasing their investment in the next six months. Over 3/4ths of these investors have less than one year of experience in the sector meaning that they either go in right at the all-time high or they have been getting involved since the bear market has taken over.


These two countries represent new and important frontiers in the crypto space. Both have extremely difficult and complex regulations that the space will have to navigate once regulations start coming out but at the moment both really lack any sort of regulation. If crypto is able to gain a place in these two markets it could easily spur a ton of interest and development in the given regions. 


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Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_

Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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