The Effects of Cryptocurrency Trading on the Nigerian Economy (GDP)
Okoye Anaetochukwu VincentThis study investigated the influence of decentralized finance (DeFi) platforms, cryptocurrencies, and blockchain technology on financial intermediation and economic perceptions in Nigeria. Using a survey approach, the research gathered perspectives from various demographic groups. The findings suggested that DeFi platforms hold considerable potential to diminish dependence on traditional financial intermediaries, although obstacles such as insufficient awareness and security risks were prominent. Cryptocurrencies were recognized for their financial advantages, with many respondents reporting improvements in their financial status. Blockchain technology emerged as a key innovation with significant potential to improve payment systems. The study further highlighted demographic trends in cryptocurrency trading, showing that younger, wealthier, and more educated individuals were more actively involved. These results support theoretical models that emphasize the role of perceived usefulness and ease of use in the adoption of new technologies. The research recognizes the importance of public awareness campaigns, wellstructured regulations, security measures, and inclusive strategies to overcome challenges and optimize the benefits of these technologies. Addressing these issues could enable Nigeria to drive innovation and achieve widespread adoption of DeFi, cryptocurrencies, and blockchain technology and economical growth.