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The Bitcoin market in Nigeria grows

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In the world, especially now, people continue to search for viable alternatives for safeguarding assets. Therefore, this time we will talk about how Nigeria now seems to be one of the countries with the most interest in Bitcoin, especially during the second quarter of 2020.

Unquestionably, Nigeria surpassed the rest of the world for the level of interest in Bitcoin in recent months, especially since it became the largest source of Bitcoin (BTC) trading volume in Africa.

What do we know about this existing interest in Bitcoin in Nigeria?

According to Blockchain.com, Nigeria has seen the largest influx of activity on its wallet application since April 2020. That is, they have had the best and largest performance during the second quarter of this year.

They have even estimated that this increase in interest is close to 60%. We also confirm this by acknowledging that, according to Google Trends, Nigeria is a leader in terms of Bitcoin searches on Google. Next on the list are African countries, except for Switzerland and Austria.

This could change soon, considering that Peru was the one that had the leadership in this Google Trends ranking for searches related to Bitcoin during the past month. Then, we find India and Indonesia behind Peru in monthly activity within Blockchain.com.

To close, the report also mentions countries such as the Philippines, Venezuela, Banglasesh, among others. All this makes it clear that little by little, more and more corners of the world are beginning to see benefits in being interested in this cryptocurrency.

, The Bitcoin market in Nigeria grows, Forex-News, Forex-News
Bitcoin searches on Google have increased considerably in Nigeria since April 2020. Source: CryptoTrend

What does this show?

Many times when speaking of Bitcoin or cryptocurrencies in general as something beneficial for developing countries, there are those who automatically refute it saying that it is unfeasible. Those who say this clearly do not know the adaptability of this technology.

Likewise, they are unaware that the trade and use of cryptocurrencies continues to increase. Since it is precisely in these environments where digital currencies provide answers that the traditional system has not been able to. For example, in April 2020, Nigeria became the eighth country in Africa to host a Bitcoin ATM.

More and more companies are emerging in and for the African context. Great things are expected. Nigeria, South Africa, Ghana, Kenya are just some of the countries that are already experimenting with possible solutions.



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