A recent study conducted by Elastos, an open-source blockchain platform, has unveiled that a significant portion, equivalent to 20 percent or roughly one in five Nigerians, actively engage in daily transactions using Bitcoin. This insightful research was the result of online surveys conducted with 1,407 individuals identifying themselves as 'tech savvy' hailing from various countries including Brazil, Germany, Nigeria, South Korea, UAE, UK, and US.

The valuable data emerged from interviews managed by a reputable third-party market research entity, spanning from 30th March to 4th April '24. Noteworthy observations illustrated that a substantial 67 percent of Nigerian participants displayed greater confidence in Bitcoin for safeguarding their savings compared to traditional financial entities such as banks, local governments, and even physical cash. In essence, the inaugural BIT Index (Bitcoin; Innovation & Trust) compiled responses from these 'tech savvy' individuals across different nations, providing significant insights into the tangible use and perceived trust in Bitcoin within the daily lives of people, regardless of its present market value.

Diving deeper into the report, an intriguing narrative unfolds regarding the emerging role that developing countries, particularly Nigeria, are playing in terms of comprehending, embracing, and trusting Bitcoin. A stark contrast emerges when analyzing the levels of Bitcoin usage and trust exhibited by Nigerian respondents as opposed to respondents from supposedly 'established' markets like Germany and the UK. Notably, the daily utilization rates for Bitcoin stand at a mere 8% for the German cohort and 9% for their counterparts from the UK; significantly lower compared to the vibrant 20% adoption within the Nigerian demographic.

Moreover, the data spotlighted the trust factor, emphasizing that substantial figures from Brazil (35 percent) and the UAE (32 percent) echoed sentiments of having greater faith in Bitcoin-oriented services for preserving their savings, overshadowing the sentiments from countries like the UK (20 percent) and Germany (22 percent). The perception of trust in securing online transactions further showcases the relative confidence placed by respondents from burgeoning economies in Bitcoin, outshining trust levels observed towards conventional alternatives. Notably, 66 percent of Nigerian participants, together with 35 percent from Brazil, expressed more trust in Bitcoin-based systems than traditional institutions like banks or national governments, a stark contrast to the modest 16 percent (Germany) and 21 percent (UK) exhibited towards similar alternatives.

Commenting on the significant findings from the BIT Index, Jonathan Hargreaves, the Global Head of Business Development & ESG at Elastos, emphasized the rising prominence of regions in the 'global south' concerning the adoption of decentralized digital currencies like Bitcoin. These results underscore the profound trust that over two-thirds of Nigerian consumers, along with a third from the UAE and Brazil, place in Bitcoin for securing their savings over traditional financial avenues. Notably, these regions are forging ahead due to the scarcity of viable and accessible alternatives, especially in facilitating cross-border transactions or mitigating the detrimental impacts of inflation. The data paints a compelling narrative of the shifting global landscape, signifying the integral role that regions previously overlooked play in the widespread adoption and trust in cryptocurrencies such as Bitcoin.