While El Salvador has been a pioneer in the adoption of Bitcoin as a legal tender, recent data suggests that in Nigeria, interest in the queen of cryptos is even stronger, despite efforts by the authorities to restrict its use.
Unwavering passion for Bitcoin in Nigeria
According to statistics Google Trends, Nigeria is currently the country with the highest hype for Bitcoin (BTC), even ahead of El Salvador. This enthusiasm for the queen of crypto persists despite the recent regulatory offensive by Nigerian authorities aimed at curbing the peer-to-peer crypto market.
Research Google about Bitcoin are particularly high in Delta, Anambra, Ekiti and Enugu states. However, Lagos, the economic capital, is not among the most enthusiastic cities. This rapid adoption can be explained by growing insecurity, low bank penetration and the youth of the population, eager for reliable alternatives to safeguard their assets.
For many Nigerians, particularly the younger generation which represents 43% of the population, the Bitcoin appears to be a secure way of retaining the value of their assets beyond the vagaries of galloping inflation and currency fluctuations. The adoption of stablecoins such as Tether (USDT) has thus become widely democratized, facilitating local transactions and transfers with the diaspora.
An intense craze despite strict regulations!
Despite this craze, the Nigerian authorities have toughened their stance in the face of the cryptocurrency boom. In May 2024, the government prepared regulations to ban peer-to-peer exchanges using the naira. The Securities Exchange Commission also accused Binance from manipulations monetary, leading to the arrest of its leaders for money laundering.
Although banks received initial guidelines to open crypto accounts in January 2024, they remain prohibited from holding or trading digital assets.
Despite recent regulatory pressures, Nigeria remains one step ahead of El Salvador in the race for popular adoption of Bitcoin. Whether it’s finding an alternative to currency depreciation or bypassing a failing banking system, bitcoin and other cryptocurrencies are appealing to millions of Nigerians.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
