Despite losing $562.93 billion in cryptocurrency market value this year, Nigerians' investment in Bitcoin grew by more than 5% in 2022.

2022 was a bad year for BTC and other cryptocurrencies. Indeed, the general market capitalization of the crypto economy lost over $1 billion this year. Crypto exchanges such as FTX have gone bankrupt. With respect to BTC's market capitalization, it rose from $875.94 billion in December 2021 to $313.01 billion as of November 20, 2020.

According to one of the country's top peer-to-peer exchanges, Paxful, prices rose from $46,306.45 to $16,291.83 during the period under review. However, Nigerians were not deterred as they increased their BTC investment by more than 5%.