Nigeria Becomes Fastest Growing Crypto Market In The World

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Nigeria (Weetracker.com)
Nigeria (Weetracker.com)

Nigeria has emerged as the front runner for attracting Bitcoin in terms of interest across the globe. No other country attracts as much as Bitcoin interest like Nigeria does, a recent survey has revealed.

Nigeria is the home to the largest economy in Africa and over 200 million people have been the source behind making the nation the biggest source of BTC trading volume in the continent. Blockchain.com reported that Nigeria has slowly but steadily grown as the fastest-growing crypto markets globally. 

A research carried out by Blockchain.com said that the highest flow of activity in its wallet app since April 2020 has been from Nigeria.

A month back, BTC analytic data provider, showed that Nigeria was leading the pack with more than $34.4 million while South Africa has been second on the list with the value of just $15.2 million in Q2, 2020.

Among top countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades on the African continent were:

  • Nigeria – $34.4 million dollars.
  • South Africa – $15.2 million dollars.
  • Kenya – $7.8 million.
  • Ghana – $640,000.
  • Tanzania – $600,000.

The Covid-19 situation which has caused a financial turmoil led to a change in the way Nigeria looks at the financial system. Google trends has also depicted that Nigeria leads the pack around the world in Bitcoin searches.