The country with the largest population in Africa seems to be housing a large number of residents whose interest in cryptocurrencies is comparable to none. The giant of Africa seems to be on its way to becoming the giant of Bitcoin in Africa, as Nigeria ranks number one in the search rate of Bitcoin by regional Google search volume. The search volume from five of the leading states begins above 60%. These states include Ekiti, Enugu, Bayelsa, Anambra, and Delta, the leading state with a 100% search rate.
It is interesting to note that the statistics are not very different from the ones recorded in 2020, when Nigeria emerged first in Bitcoin searches, with Delta State staying on the frontline.
Young Nigerians are pioneering a pro-bitcoin community
The president of the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) Senator Ihenyen had previously explained that he is least surprised with the trend results, as Nigeria’s median age is 18.4, as such, he asserts that the interest and adoption rate is indeed expected.
The interest young people have in cryptocurrencies in Nigeria has blossomed over the years. CEO and founders of some of the country’s largest fintech and cryptocurrency platforms like BuyCoins and Paystack, which was recently acquired by Stripe are aged between 25 to 30, reflecting that the cryptocurrency platforms being leveraged by the population to carry out transactions is being created and used by the young.
Peer to peer Bitcoin trading surges following government’s crypto ban
The new data follows the recent development in Nigeria’s increased peer-to-peer trading rate, which hit new levels following the crypto ban slammed by the Central Bank of Nigeria to financial institutions who were forced to cut out cryptocurrency platforms or risk being sanctioned.
According to Usefultulip’s data, Nigeria’s peer-to-peer trading volume has surged by 27%, just three months after the announcement of the ban, adding that a total of $103 million have since been moved on LocalBitcoins and Paxful alone.
Per our previous report, a large number of cryptocurrency transactions do not make it to exchanges and trading platforms as users are actively searching for a more comprehensible platform to aid them in making swift transactions.
Many cryptocurrency buyers and sellers in the country have settled for peer-to-peer trading on social media apps like Telegram, Instagram, and WhatsApp. By this data, it is very likely that the recorded volume of monthly transactions in the country is way higher than is being reported.