October 5, 2022

Fake News Alert: Truth Behind Jack Dorsey’s claim on Nigerian BTC Holdings

2 min read

Cash App Jack Dorsey BitcoinCash App Jack Dorsey Bitcoin

Twitter CEO, Jack Dorsey’s popular tweet highlighting that 32 percent of

Dorsey linked the open letter titled, ‘Why Progressives Should Love Bitcoin: An Open Letter to Senator Elizabeth Warren.’, and misleadingly estimated its statistics without context, which led to a vicious cycle of fake news across the media.

The open letter’s author had actually mentioned Statista study report, a significant database company. The quote specified, “…… 32 percent of Nigerians own Bitcoin, the highest percentage worldwide……” However, what both, Jack and the letter’s author missed out on was a comprehensive reading for the released survey.

Study’s real claim

Dubawa, Nigeria’s indigenous independent verification, and fact-checking task clarified that the claim of 32 percent Nigerians utilizing bitcoin had actually been incorrectly cited from the result of a study by Statista. The Statista Global Consumer Survey 2020 had actually ranked Nigeria on top with “32% higher than some residents from countries even within the G7 with the United States, Germany, and Japan with 6%, 5%, and 4% respectively.” It has picked the survey respondents from 74 different countries, out of which the Nigerian population that used or owned cryptocurrency 32% greater than the rest of the countries.

Additionally, the study plainly discussed that the respondents from each nation totaled up to a very little 1,000 to 4,000 bracket. In lieu of the small study group, making an across the country generalization is not possible for the scientists. Unless the study sample size satisfies a certain number underlying the population of the country, it is deemed invalid to be used in reports.

“Triple-A, a Singapore monetary company, noted that there are over 300 million crypto users worldwide with 13 countless them in Nigeria representing just 6.31% of the over 200 million population of the country.”, stated Sahara Reports piece on the incorrect report.

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