Nigeria is topping the global use and ownership of cryptocurrency, according to a new study by Trading Browser, an online guide.
The ranking was determined by the percentage of the population that reported using or owning cryptocurrency from 2019 to 2022.
According to the study, Nigeria topped the list with 45 per cent of its population using or owning cryptocurrency in 2022.
This equates to over 90 million people. From 2019 to 2022, the country saw a 17 per cent increase in cryptocurrency usage and ownership, with over 34 million people adopting the digital asset.
Thailand came in second with 44 per cent of its population reporting cryptocurrency usage or ownership, equal to just over 30 million people. Thailand saw the biggest uptake in cryptocurrency with a 21 per cent increase from 23 per cent to 44 per cent.
Turkey came in third with 40 per cent of its population using or owning cryptocurrency in 2022, equating to over 33 million people. The country saw cryptocurrency adoption double from 20 per cent to 40 per cent from 2019 to 2022, with over 16 million people adopting the digital asset.
Argentina was the first South American country on the list, coming in fourth place with 35 per cent of its population using or owning cryptocurrency in 2022.
The country has several draft laws to institutionalise and regulate the virtual currency industry, which may change the ownership and usage rate in the near future.
The United Arab Emirates (UAE) came fifth with 34 per cent of its population using or owning cryptocurrency in 2022.
Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, recently stated that the UAE was looking to expanding into cryptocurrencies, which might mean that the 34 per cent figure would increase in the coming years.
The rest of the top ten countries include the Philippines which placed sixth; Vietnam, seventh; India and Singapore tied in at the eighth place; Brazil, ninth; and South Africa, tenth.
Surprisingly, the United States only ranked 22nd on the list with 16 per cent of its population using or owning cryptocurrency.
The United Kingdom ranked even lower, coming in at 50th place with only 11 per cent of its population using or owning cryptocurrency.
The study highlights the growing popularity of cryptocurrency in Africa and Southeast Asia, with Nigeria and Thailand leading the way.
It also showed that South Africa was also beginning to adopt cryptocurrency, with over 13 million people using or owning the digital asset.
The study serves as a reminder of the increasing importance of cryptocurrencies and their impact on the global economy. It said as more people adopted digital assets, it was important for nations to consider their stance and regulations on cryptocurrencies to ensure that they were able to fully benefit from this new and growing industry.