Bitcoin Searches in Nigeria are flying – The West African nation has been adjudged the highest performing nation worldwide in terms of the level of interest in Bitcoin. The country, which is often referred to as the giant of Africa, having has the largest economy and home to over 200 million people dominated by the youth between the age median 18-20s, has the most significant interest in Bitcoin globally.
According to recent data released by Google trends, Nigeria emerged first among other countries worldwide in Bitcoin searches on Google. The data shows that the West African country has a search score of 100, which is more than double that of its nearest rival. Bitcoin Searches in Nigeria has never been so high.
Why has there been a surge in Bitcoin Searches in Nigeria
This surge has been attributed to youth-driven interest ranking signals the growing utility of the crypto interest, and adoption is expected given the economic situation that has been marvel by a drop in global crude oil price that is massively dependent upon on while the coronavirus pandemic crisis causes it has seen a rise in inflation, weak currency, massive job loss and those with the job but underpay as inflation keep risen affecting the cost of products seeing the average Nigerians could not meet with their bills this is part of the drive-in youth interest in the popular crypto Bitcoin and adoption in Nigeria.
However, the data in Google trends confirms the interest in Bitcoin is decentralized, across the country with Delta State has the highest level of Bitcoin interest on a state level in Nigeria, followed by Ebonyi, Ekiti, Anambra, and Osun surprisingly Nigeria’s business capital Lagos misses in a distant out of the top 5 as regard Bitcoin level of interest on Google.
This interest has been echoed by senator Ihenyen, the new president of the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) in is reaction says “Nigeria new status this is hardly surprising for a country with a median age of 18.4 contends that in such scenario interest in Bitcoin and its adoption should be expected meanwhile Ihenyen points out that while institutional investor interest in Bitcoin is taking hold in countries like the United States, interest in BTC in Nigeria is as decentralized as the cryptocurrency itself.” The SIBAN president further explains: “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 remittance, e-commerce, Bitcoin trading more and more Nigerians are taking an interest in Bitcoin daily.” Unsurprisingly, a significant number of young Nigerians have started utilizing cryptos to avoid the numerous challenges the country is faced with, like in the payment sector, traditional money transfer services such as high cost and slow speed, amongst others.
Another thing Nigerians use Bitcoin not just as a store of value but also as an investment. Its accessibility enables anyone to send and receive Bitcoin from any part of the world though it is worth noting that Bitcoin is still a volatile asset.
The upside of this is that one can make a significant profit in a short time frame. It becomes unsurprisingly to see leading crypto platforms like Binance, FTX, Paxful crypto.com are printing their labels in Nigeria. It is one of the fastest-growing crypto markets in the ever-changing world. In the meantime, the Google trends data also shows that two more African countries, namely South Africa (2) and Ghana (5), make it into the top five rankings, while the next highest-ranked African country to feature on the list is Kenya at number 14.