A new study by crypto price tracker CoinGecko has revealed the countries that have remained the most crypto-curious, despite the signs of a cryptocurrency market pullback earlier this year.
According to the results, the people of Nigeria, the United Arab Emirates, and Singapore remain most interested in the crypto sphere in spite of turbulence.
“This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks,” CoinGecko’s co-founder Bobby Ong explains. “The countries at the top of this list appear to be keenest to buy the dip, and highlight their long-term outlook for cryptocurrencies.”
Crunching the Numbers on Google Trends
To get these insights, CoinGecko harnessed Google Trends. This Google platform allows users to assess popular search queries by region and language and to set up comparison graphics of the temporal evolution of search volumes. This has plenty of business uses, but you can also use it for research of this kind.
For their analysis, CoinGecko narrowed the focus to the English-speaking world and monitored a variety of search terms and phrases that signal interest in cryptocurrencies. They then monitored the evolution of these search terms after the crypto crash in April.
Based on these numbers, CoinGecko assigned each country an individual total search score and ranked them accordingly.
Nigeria – The Most Crypto-Curious Country
According to the results of CoinGecko’s study, the most crypto-obsessed country in the world is Nigeria, with a total search score of 371.
Here, search queries such as ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ dominated, flagging a sustained interest in the market. Furthermore, many Nigerians also search specifically for the cryptocurrency ‘Solana’.
In general, Nigeria has become a stand-out crypto powerhouse in the last few years.
Despite government clampdowns, Nigeria is one of the largest markets for cryptocurrency trading platforms such as Paxful.
It even saw the launch of the first African cryptocurrency, eNaira in October 2021.
Furthermore, the Nigerian stock exchange moved forward on plans to launch a blockchain-enabled platform early next year in order to stimulate trade and attract young investors.
The United Arab Emirates – Accommodating Crypto in Official Frameworks
The United Arab Emirates (UAE) rank in second place on CoinGecko’s list of the most crypto-curious countries worldwide, with a total search score of 270. Here, search queries such as ‘cryptocurrency’ and ‘invest in crypto’ have thrived in recent months.
Generally, the UAE provide a very crypto-friendly environment. Cities like Dubai and Abu Dhabi have become hubs for some of the world’s largest crypto exchanges, such as FTX.
Furthermore, the UAE have taken significant steps towards adjusting regulatory and legal frameworks to accommodate crypto.
Plus, a YouGov survey in 2021 found that cryptocurrencies are of major interest to two thirds of the adult population, with the majority of young adults trusting in them.
Singapore – Global Financial Bedrock for Crypto
Singapore ranks in third place of CoinGecko’s list, with a total search score of 261. Globally, it has the third most searches for “buy crypto” and the most searches for “Ethereum”.
Over the past few years, Singapore has evolved as one of the global centers of crypto trading.
Even after the market pullback in May, confidence in cryptocurrencies remains high among investors.
A recent survey by BBH Singapore found that a third of Singaporean investors had invested in crypto in the past, and that 65% still have a positive view of investing in crypto assets, despite the crash earlier this year.
This does not mean that investors in Singapore are unaware of the risks The same survey also found that one in six investors who had held cryptocurrencies prior to the crash had lost enough money to seriously impact their lives.
In response to the market pullback in April, Singapore’s Monetary Authority is also planning to tighten rules on crypto trading.
The UK, US, and Ireland as Major Western Proponents
Among Western nations, the UK, US, and Ireland emerged as the most crypto-curious countries in CoinGecko’s study.
The United Kingdom ranks fifth overall, with a total search score of 198. It has the sixth-most searches for ‘buy crypto’ and the third-highest level of queries for ‘invest in crypto’. Trending UK cryptocurrencies, according to CoinGecko, are Bitcoin, Ethereum and Polygon.
The US takes 12th place, with a total search score of 157. The States have the tenth-highest search levels for the term ‘buy crypto’. Furthermore, it’s the country with the sixth-most searches for ‘Solana’. As in the UK, trending cryptocurrencies are Bitcoin, Ethereum and Polygon.
Finally, Ireland ranks in 13th place on CoinGecko’s list, highlighting the country’s reputation as a European tech power base.
The numbers presented by CoinGecko’s findings highlight that interest in cryptocurrencies remains significant in English-speaking countries.
They also show that interest in crypto assets is burgeoning in particular among investors in Africa and Asia, heralding interesting developments and shifts in the crypto market in these regions.