Nigeria has outperformed the rest of the world in Bitcoin interest over the past three (3) months.
According to a report by crypto wallet app – Blockchain.com, Nigeria ranks as the highest source of Bitcoin (BTC) trading volume in Africa, and one of the world’s fastest growing cryptocurrency markets.
The study further shows that Nigeria has the highest user activity on the Blockchain wallet app since April 2020, despite coming second to Cote d’Ivoire in July.
A look at data from Google Trends, also shows Nigeria is leading in Bitcoin search interest over the past 90 days; duly accompanied by fellow African nations South Africa and Ghana in 2nd and 3rd spot.
The top five list of countries with Google searches for Bitcoin is completed by Switzerland and Austria.
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Overall, the current numbers from Nigeria indicate the increasing movement in cryptocurrency adoption in the country and Africa.
Since the start of 2020, and amid the CVID-19 pandemic, interest in seeking other sources of income have surged in the country; especially as the Naira continues to fall hard against the US dollar ($1 = 475 Naira).
To keep up with the foreign exchange imbalance, many have turned to day trading Bitcoin which understandably equates the dollar in value, and serves as an hedge/asset against the failing currency.
In all, it is yet to be known if this surging interest in cryptocurrency will be sustained, but with the current pump of Bitcoin (BTC) and other coins the trend and FOMO looks set to continue.
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