According to Google Trends data, Nigeria is one of the largest cryptocurrency markets in the world and has recently become the country with the highest number of Bitcoin searches in the world. The data shows that this West African country has a search score of 100, more than twice that of its closest competitor.
According to a local report, Nigeria’s rise in the Bitcoin search rankings indicates that the cryptocurrency’s utility in the country continues to increase. The report also explained that young people in the country have always been the decisive force behind the Bitcoin search boom. Senator Ihenyen, the new stakeholder chairman of the Blockchain Technology Association of Nigeria (SIBAN), expressed his support for this proposition.
In response to Nigeria’s new status, Ihenyen insisted that this is not surprising for a country with a “median age of 18.4”. He believes that in this case, “should be interested in Bitcoin and its adoption”.
As confirmed by Google Trends data, Nigeria’s interest in Bitcoin has also been dispersed, and the Delta countries rank first in the country. Lagos is Africa’s “most populous city”, ranking 17th. According to SIBAN leaders, this decentralization shows that young people see BTC as “representing the democratization of global wealth.”
At the same time, Ihenyen pointed out that although institutional investors’ interest in Bitcoin has become increasingly popular in countries such as the United States, BTC’s interest is “as decentralized in Nigeria as cryptocurrency itself.” SIBAN President explained:
Nigerians are experiencing the level of financial inclusion that many have awaited too long. Funding freedom is a powerful thing, especially in a borderless digital economy. Whether it is remittances, e-commerce, Bitcoin transactions, more and more Nigerians are interested in Bitcoin every day.
According to Ihenyen, this growing interest cannot be stopped, but “can be managed to the maximum extent.” He added that, therefore, policymakers and regulators should look for ways to maximize and manage this benefit, rather than “looking for the red button.”
At the same time, Google Trends data also shows that two other African countries (namely South Africa (2) and Ghana (5)) have also entered the top five. Kenya is ranked second among African countries on the list, ranking 14th.
What does it mean for Nigeria to rank in the Bitcoin search list? Tell us what you think in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Google Trends,
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