Nigerians continue to bet on crypto despite fall in value

By Harry Clynch
Posted on Tuesday, 2 August 2022 17:02

Representations of cryptocurrency Bitcoin plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

The value of prominent cryptocurrencies has fallen sharply this year. The price of Bitcoin has more than halved, and Ethereum is down by more than 60%. And major stablecoin Terra has collapsed altogether. And yet for many Nigerians, digital assets remain a good bet.

Nigeria has seen one of the largest uptakes of digital assets in the world, with one survey estimating that 35% of adults have invested in crypto. Indeed, Nena Nwachukwu, chief operations officer at digital collectables marketplace Ayoken, says that transaction volumes “have actually gone up slightly during the bear market”.