Once again, Nigeria shows the world why it is a Bitcoin capital, topping Google rankings for searches of Bitcoin. The nation has a score of 100 on the search platform, double that of its nearest rival.
A combination of different factors including rising inflation and scarcity of foreign reserves has heightened demand for Bitcoin in West Africa’s most populous nation. Some believe the main cause of Bitcoin adoption in the nation may stem from the rise in Nigeria’s digital economy which grew by 15.09% in real terms in Q2 2020, far higher than the 9.99% recorded in Q1 2020 and 9.01% in Q2 2019. This was not always the case.
According to Senator Ihenyen, the president of Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN),
Nigerians are experiencing the level of financial inclusion that many have expected for too long. The freedom of money is a powerful thing, especially in a borderless, digital economy. Whether for remittances, e-commerce, bitcoin trading, more and more Nigerians are taking interest in bitcoin daily.
Interestingly, the economic hub of Nigeria (Lagos State) did not exhibit the highest level of Bitcoin interests. Delta State, Ebonyi, Ekiti, Anambra, and Osun were the top 5 states in the nation showing the highest level of Bitcoin interests.
Other nations in Africa also exhibit a strong appetite for cryptocurrencies such as Bitcoin. South Africa and Ghana made it into the top 5 countries with the greatest interest in Bitcoin.
African banks have been encouraged to partner with cryptocurrency entities in order to give their customers new ways of carrying out transactions at quicker and cheaper rates.
Cryptocurrency has the potential to revolutionize Africa’s banking markets. However, the pace of change is uncertain due to the fact that many regulators in the continent are not conversant with the technology and have not developed robust regulations to aid the adoption cycle of cryptocurrency.