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Bitcoin’s Sudden Price Increase Lures Nigerians, Ghanaians into Crypto, Extracted Data Reveals

Nigeria Cryptocurrency


Bitcoin’s Sudden Price Increase Lures Nigerians, Ghanaians into Crypto, Extracted Data Reveals

  • Extracted data reveals Bitcoin search in Africa is on the increase.
  • Nigeria is becoming the seat of Bitcoin.
  • Defeated Presidential contestant promised crypto regulation.

Africans are researching more on cryptocurrency, especially Bitcoin, latest trends reveals that the level at which the continent’s growing population is delving into Bitcoin is on the increase.

There is no gainsaying that Africans may be set to steal a match on other countries referred as the seats of Bitcoin. Gathered data on Google Trend reveals that Nigerians, South Africans, Ghanaians are searching more on Bitcoin in recent time.

For example, between 15th of May 2017 to 15th of May 2019, data from Google reveals that South Africans and Nigerians are keen on knowing more about BTC.

The data shows that South Africa and Nigeria are among the top 5 countries seeking more knowledge on Bitcoin through Google search.

Bitcoin Searches Increase in Nigeria, Ghana During Bull Run

The sudden upsurge in the price of Bitcoin noticed few days ago has lured many Nigerians and Ghanaians into researching more about cryptocurrency. As noticed, Nigerians are trooping into cryptocurrency every day since the beginning of the bull run.

For the past one month, however, three African countries led the number of Bitcoin searches across the world, with Nigeria topping the list.

Meanwhile, 12 month data on Google Trend shows that Nigerians, South Africans and Ghanaians searched for Bitcoin more than they did before.

Google Trend explore also reveals that the worldwide searches for Bitcoin increased to a level that was last seen in March 2018.

Nigeria is Going Crypto

Stiffer regulatory principles in countries like U.S, U.K, China among other top countries across the globe may be impeding the growth of Bitcoin and cryptocurrency at large.

The advent of Nigeria, with a population of about 200 million, in the cryptocurrency world means a lot to the adoption of bitcoin and other digital assets.

The fact that the country does not have a standby regulation on Bitcoin will push for the acceptance of cryptocurrency in the country.

Not long, the governor of the Central Bank of Nigeria referred to cryptocurrency as “a gamble”, still Nigerians are adamant on having a large portion of Bitcoin. As we write, there is no known regulation banning crypto in the country.

As contained in a report by Citigroup, Nigerians hold the world’s third-largest holdings of bitcoin as a percentage of gross domestic product, leading Russia and New Zealand, who are the second and third respectively.

Defeated Presidential Contestant Promised Crypto Regulation

Last year, before Nigeria’s general election, the former vice president Atiku Abubakar, who contested against the incumbent President Muhammadu Buhari, promised to introduce a lenient regulatory policy for cryptocurrency and blockchain technology.

As contained in his policy document, Atiku said he would be creating a legal framework that will make sure crypto and blockchain technology are added to country’s education curriculum.

I grow businesses and develop ideas for investors.I have made meaningful guest contributions to Huffington Post, Oracle Times, The Independent Republic and a host of other tech platforms.Just a blockchain enthusiast with no investment in any cryptocurrency save for the pennies (Bitcoin and Ethereum) I receive weekly.

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