CoinGecko Study Shows Countries Most Interested in Crypto Since Market Crash
Nicholas Otieno Aug 03, 2022 02:15
Crypto data aggregator CoinGecko has released a new survey showing global interest in cryptocurrency adoption. Nigeria, The United Arab Emirates, and Singapore are firmly in the lead.
A new research survey published by crypto price tracker CoinGecko on Tuesday revealed the countries most curious about cryptocurrency since the crypto market crash.
The research examined Google Trends data of search terms frequently used by people interested in cryptocurrency.
CoinGecko then combined such terms to give each English-speaking country a ‘total search score’ to identify which nations have been the most interested in cryptocurrency since the market crash in April this year.
The study ranks Nigeria as the most curious nation about cryptocurrency since April this year. According to the CoinGecko study, Nigeria garnered a total search score of 371, and that made it at the top of the list of nations with the most interest in digital assets.
Coupled with its huge population, Nigeria garnered the highest search levels for the phrases like ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide. Furthermore, the population of Nigeria's search for the cryptocurrency ‘Solana’ emerged as the third highest in the world.
CoinGecko survey then ranked the United Arab Emirates (UAE) as the second country with the most interest in cryptocurrency since the market crash in April this year. The Arab nation in Asia garnered a total search score of 270. The UAE has the second-highest proportion of its population searching for both the phrases ‘cryptocurrency’ and ‘invest in crypto’. And that placed it second in the ranking, according to CoinGecko.
The research placed Singapore third. The Southeast Asian country has the third-highest level of searches for the term ‘buy crypto’ and is the nation searching for the cryptocurrency ‘Ethereum’ the most worldwide. The survey gave Singapore a total search score of 261.
The United Kingdom was ranked fifth overall. The research gave the UK a total search score of 198.
According to the study, the UK has the sixth-highest number of searches for the phrase ‘buy crypto’ and the third-highest number of searches for ‘invest in crypto’. The study also identified Bitcoin, Ethereum, and Polygon as all trending cryptocurrencies in the United Kingdom.
Besides that, CoinGecko research placed the United States as the twelfth country most interested in cryptocurrency. The survey identified that the US has the tenth-highest search levels for the term ‘buy crypto’ and is the sixth country most interested in the cryptocurrency ‘Solana’. The country had a total search score of 157. Just like the UK, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the US right now, according to the study.
Developing countries offer fertile ground for crypto adoption
The most interesting thing in the new CoinGecko study is the emergence of developing nations (Nigeria, the United Araba Emirates, Singapore, Georgia, and Lebanon) in the list of countries with the most curiosity about cryptocurrency in the world.
The study demonstrates that people and businesses in developing nations like Nigeria, the United Araba Emirates, and Lebanon, among others, are gaining increasing interest in investing and trading cryptocurrencies. Such interests show that crypto adoption is significantly increasing in developing nations.
In developed countries, cryptocurrencies are viewed by many in the financial world with suspicion and as a speculative and highly volatile fad that can only end badly. Regulators in the US and Europe have issued stern warnings about the dangers of trading cryptocurrencies.
But in developing nations, there are signals that cryptocurrency is quietly developing deeper roots. Especially in nations that have a history of financial instability or where there are high barriers to accessing traditional financial products such as bank accounts. Cryptocurrency use is rapidly becoming a daily habit of life in such countries.
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