The country with the largest African population appears to be home to a large number of people whose interest in cryptocurrencies is not comparable to anyone else in the world. Nigeria appears to be on track to become the Bitcoin giant in Africa. This is because it ranks first in Google's Bitcoin keyword search rate. The search volume of five of the major states exceeds 60%. These states include Ekiti, Enugu, Bayelsa, Anambra, and Delta, the leading state with a search rate of 100%.
Interestingly, the statistics are not very different from those recorded in 2020, when Nigeria emerged as before in Bitcoin searches, with the Delta state remaining at the forefront.
Young Nigerians are paving the way for a pro-bitcoin community
Blockchain Technology Association of Nigeria (SIBAN) stakeholder chairman Senator Ihenyen previously explained that he was less surprised at the trend's findings, as Nigeria's average age is 18,4 years. As such, it claims that the interest and adoption rate is indeed normal.
Young people's interest in cryptocurrencies in Nigeria has blossomed over the years. The CEOs and founders of some of the largest fintech and cryptocurrency platforms in the country are between the ages of 25 and 30. This explains why the cryptocurrency platforms that are exploited by the population to make transactions are created and used by young people.
Bitcoin peer to peer trading increases as a result of the government ban
The new data follows the recent development of Nigeria's peer-to-peer exchange rate hike. This has reached new levels following the ban on cryptocurrencies enacted by the Central Bank of Nigeria on financial institutions. The latter, therefore, have been forced to cut out cryptocurrency platforms or risk being sanctioned.
According to data from Usefultulip, Nigeria's peer-to-peer trading volume increased by 27%. That's just three months after the ban was announced, adding that a total of $ 103 million has since been moved to LocalBitcoins and Paxful alone.
According to a previous report, a large number of cryptocurrency transactions do not make it to exchanges and trading platforms as users are actively looking for a more understandable platform to help them make quick transactions.
Many cryptocurrency buyers and sellers in the country have opted for peer-to-peer trading on social media apps like Telegram, Instagram, and WhatsApp. Based on these data, the recorded volume of monthly transactions in the country is very likely to be much higher than reported.
However, we remind you that those who wish can also use automatic trading platforms such as Bitcoin system. A platform that allows you to enter cryptocurrency trading on tiptoe, investing truly negligible amounts.
