Nigeria, one of the largest cryptocurrency markets in the world, has recently emerged as the country with the highest number of bitcoin searches worldwide, according to data from Google Trends. The data shows that the West African country has a search score of 100, which is more than double that of its closest rival.
Interest driven by young people
According to a local reportNigeria’s rise to the top of the bitcoin search rankings hints at the growing utility of crypto in that country. The report also explains that the country’s youth has been the driving force behind this wave of bitcoin searches. This claim is supported by Senator Ihenyen, the new president of the stakeholders in the Blockchain Technology Association of Nigeria (SIBAN).
Commenting on Nigeria’s new status, Ihenyen maintains that this is not surprising for a country with an “average age of 18.4 years.” He argues that in such a scenario, “interest in bitcoin and its adoption should be expected.”
As the Google Trends data confirms, Nigerian interest in bitcoin is also decentralized, with the Delta State ranks first in that country. Lagos, the “most populous city” in Africa, ranks far 17th. According to the SIBAN leader, this decentralization of interest suggests that BTC is seen by youth as “representing the democratization of access to global wealth.”
Meanwhile, Ihenyen points out that while institutional investors are gaining interest in bitcoin in countries like the United States, BTC “Nigeria is just as decentralized as the cryptocurrency itself.” The SIBAN President explains:
Nigerians are experiencing the level of financial inclusion that many have been expecting for too long. The freedom of money is a powerful thing, especially in a borderless, digital economy. Be it remittances, e-commerce, bitcoin trading, more and more Nigerians are taking an interest in bitcoin on a daily basis.
According to Ihenyen, this growing interest cannot be stopped, but “it 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, data from Google Trends also shows that two more African countries, namely South Africa (2) and Ghana (5), make the top five of the rankings. The second highest ranked African country on the list is Kenya at number 14.
What does it mean for Nigeria to be on the bitcoin search rankings? Tell us what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Google Trends,
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