Publication Fact Checks Claim 32% of Nigerians Held or Used BTC in 2020 — Study Sample Size Questioned

An online publication, the Sahara Reporters, has branded claims that 32% of Nigerians own bitcoin “false information.” In a piece that not only disputes a popular interpretation of the findings of a study by Statista, a research firm, the publication also calls into question the sample size used to come up with an estimated number of Nigerian bitcoin holders.

Statista’s Sample Size

In the findings of its 2020 Global Consumer Survey, Statista said it found that out of the 4,000 Nigerians that participated in the study, 32% said “yes” when asked if they had used or owned crypto in 2020. However, this same number of 4,000 respondents was similarly used to determine the proportion of bitcoin users or holders in 73 other countries.

It is this use of the same sample size for 74 different countries that prompted Sahara Reporters to question the validity of the study’s findings. Also, in its effort to bolster the argument against the widely held belief that 32% of Nigerians own bitcoin, the publication turned to the country’s estimated population.

Misinterpretation of Study Findings

Based on Worldometer data, Nigeria has an estimated population of over 212 million people. According to Sahara Reporters, this means that using a meager 1,000 – 4,000 respondents from Nigeria is an inadequate means for forming a generalization. The publication continued:

Statista might have factors considered before arriving at a sample size but this is not enough to say 32 per cent of Nigerians own Bitcoin. This number might be lesser or even more.

Although many people including Twitter CEO Jack Dorsey have continued to misinterpret the Statista study findings, the Sahara Reporters report insists that this should not be the case. In conclusion, the report said:

“It cannot be authoritatively said that 32 percent of Nigerians own bitcoin. Rather, 32 percent of Nigerians who partook in the survey conducted by Statista own or use bitcoin.”