Bitcoin trading in Nigeria is up 60% amid falling dollar
According to Coinisider, Nigeria is one of the fastest-growing markets for cryptocurrency in the world and the first country in Africa in terms of Bitcoin trading volume.
The Blockchain.com study used internal platform data on trading activity in different countries. The results of the study showed that one of the most active "cryptocurrency countries" with a huge volume of transactions with Bitcoin is Nigeria
BTC is growing in popularity in Nigeria
The report indicates that over the past three months, Bitcoin trade in the country has grown by 60%:
“Nigeria has been the most trending country in recent months. It has increased by 60% its usage of Blockchain.com web wallet since April 2020.”
In addition to the growth of operations in cryptocurrency, the general interest in decentralised assets has also increased in the country. According to Google Trends, searches for cryptocurrencies in Nigeria are quite high, with the search phrase “Bitcoin” leading.
Falling USD forces investors to look for alternatives
The Blockchain.com report includes information on the correlation between cryptocurrencies and the US dollar. After the dollar fell by 4% in June, interest in cryptocurrencies among traders and investors increased.
“For the month Bitcoin (BTC) and Ethereum (ETH) were up 24% and 57%, respectively. Other hard assets such as gold registered double digit percentage gains to set a new all-time high in USD terms (+11%). Equities (+6%) and long-dated US Treasuries (+4%) also performed well.” — the report says.