Monday, September 26, 2022
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Nigerians continue to bet on crypto despite fall in value

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”.

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