The largest economy in Africa, Nigeria, is currently topping the charts in recorded Bitcoin activity and interest worldwide since April. The oil-rich western African nation leads in traffic and activity recorded on the site, according to a recent report by crypto wallet Blockchain.com.
Nigeria also registers the highest Bitcoin trading activity in Africa. In addition, the nation is one of the world’s fastest rising cryptocurrency markets. Nigerians are steadily embracing crypto mainly because it serves as a cheaper alternative of transferring money.
Nigeria saw substantial increase in Bitcoin activity
Blockchain.com reveals that there has been at least 60 percent hike in Bitcoin activity on the site in Nigeria. And since April, they have also recorded a significant influx of Bitcoin activities on the firm’s wallet. In addition, Nigeria also leads the world in search engine activity related to BTC according to trends in Google. These statistics show that Nigerians are moving rapidly in their day-to-day life to digital transactions as their passion for crypto continues to grow.
Most Nigerians use Bitcoin for a variety of reasons, including paying for goods and services. Bitcoin also serves as an investment option, owing to its growing financial market value. Since Bitcoin accessibility and decentralized nature works in favor of the majority of unbanked Nigerians, they still use the crypto as a reserve payment option even to process cross-border payments.
Cryptocurrency adoption on the rise in Africa
The country is closely followed by other nations like South Africa, Ghana, Austria, and even Switzerland as the top Five nations that lead in Bitcoin Google searches. Notably, although Nigeria topped the charts on Blockchain.com back in April, Peru was the most active nation throughout July. India and Indonesia closely followed Peru as the top three nations in wallet transactions in July.
Furthermore, there has been a steady rise in crypto transactions done on the African continent. Nations like Kenya, Ghana, and South Africa have recorded an increased influx of Bitcoin transactions. It is now evident that more people are developing a liking for crypto, hence the increased adoption recently.