. Bitcoin proving popular than stocks
The influx of funds into cryptocurrencies in the first quarter of this year has reached 4.2 billion United States Dollars.
This revelation was made in a report by Kryptoszene.de, a news and information platform that publishes cryptocurrency forecasts, investment news, background reports, analyses and instructions for buying and trading cryptocurrencies and other assets.
According to the report, over $4.2 billion has poured into cryptocurrencies in 2021, with 79 per cent of that going into bitcoin, and Ethereum in second place.
It further noted that 40 per cent of US citizens plan to invest their stimulus cheques in stocks or bitcoin with the latter taking the upper hand.
Similarly, the report observed that global search volumes for bitcoin on Google hit a 12-month high, just as 18 per cent of all bitcoin in circulation has not moved from wallets in the past seven years.
Commenting on the rising interest in Cryptocurrency, Tope Fasua, an economist and recent presidential candidate of the Abundant Nigeria Renewal Party, said that Nigerians transacted over $400 million worth of cryptocurrencies in 2020, with indigenous crypto exchanges running a larger portion of these transactions.
Fasua said, “Nigeria’s Securities and Exchange Commission is, however, concerned with these securities. Though “our SEC was willing to provide some guidance around the trading of cryptos as a financial instrument, such as a stock (shares), it has since reversed that position on the basis of additional information,”
He said Nigeria’s involvement in the crypto world is an indicator of the arrival of the youths and their securing of a pride of place in the global tech world, adding that Cryptocurrencies also provide ‘jobs’ for Nigerian youths.
“Or rather, a haven for many distraught Nigerian youths who have made a bit of money trading cryptos.”
Google search analyses also revealed a sharp rise in interest in bitcoin among users in 2021. More people sought information about buying bitcoin at the beginning of March than at any other point in the past year.
As the infographic shows the Google Trends score, an indicator of relative search volume, reached the maximum value of one hundred.
Meanwhile, the report’s infographic reveals that just under 18 per cent of all bitcoin in circulation has not been moved in the last seven years – in spite of the fact that prices have risen considerably since then.Hide quoted text
“Yet there is movement in the market, and perhaps more than ever. In light of the US government’s upcoming corona bailout package for its citizens, 40 per cent of Americans report planning to invest in stocks or bitcoin, with bitcoin proving even more popular than securities among those investors,” the report read in part.