Nigeria, one of the largest cryptocurrency markets in the world, has recently become the country with the highest number of Bitcoin searches in the world, according to Google Trends data. The data shows that the West African country has a search score of 100, which is more than double that of its closest rival.
According to a local report, Nigeria’s rise to the top of the Bitcoin search rankings signals the growing utility of crypto in that country. The report also explains that the country’s youth were the primary force behind this surge in bitcoin searches. This claim is supported by Senator Ihenyen, the new president of the interest groups of the Blockchain Technology Association of Nigeria (SIBAN).
In his response to Nigeria’s new status, Ihenyen insists that this is hardly surprising for a country with an “average age of 18.4 years”. In such a scenario, “interest in Bitcoin and its introduction can be expected”.
As the data from Google Trends confirms, Nigerian interest in Bitcoin is also decentralized, with the Delta state coming first in this country. Lagos, the “most populous city” in Africa, ranks 17th. According to the SIBAN guide, this decentralization of interest suggests that BTC is seen by the youth as a “representation of the democratization of access to global prosperity”.
Meanwhile, Ihenyen points out that while institutional investors’ interest in Bitcoin is growing in countries like the United States, interest in BTC “in Nigeria is as decentralized as the cryptocurrency itself.” The SIBAN President explains:
Nigerians are experiencing the 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 transfers, e-commerce, Bitcoin trading, more and more Nigerians are interested in Bitcoin every day.
According to Ihenyen, this growing interest cannot be stopped but “can be maximized and managed”. He adds that policymakers and regulators should therefore look for ways to maximize and manage this interest rather than “looking for the red button”.
Meanwhile, Google Trends data also shows that two more African countries, South Africa (2) and Ghana (5), make it into the top 5 of the rankings. The next highest African country on the list is Kenya at number 14.
What does it mean for Nigeria to be ranked as a number on the Bitcoin search list? Let us know what you think in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Google Trends,
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