Bitcoin

<p>“When you think of Bitcoin, you often think of economic superpowers or cryptocurrency havens like El Salvador. However, a recent study reveals a significant surprise: Nigeria dominates the ranking of countries most interested in this digital currency, even overshadowing El Salvador. This phenomenon raises several questions and deserves a deeper analysis. So, what is really happening in Nigeria?</p> 
<h2 id="h-the-perfect-storm-inflation-and-demographics">The Perfect Storm: Inflation and Demographics</h2> 
<p>The data is clear: over the last 30 days, Nigeria has a score of 100 in terms of Bitcoin-related searches, far surpassing nations like El Salvador (94) or Brazil (72), not to mention France (12).</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="467" src="https://www.cointribune.com/app/uploads/2023/09/Niigeria-1024x467.png" alt="Bitcoin au centre du Nigeria" class="wp-image-636292" srcset="https://www.cointribune.com/app/uploads/2023/09/Niigeria-1024x467.png 1024w, https://www.cointribune.com/app/uploads/2023/09/Niigeria-300x137.png 300w, https://www.cointribune.com/app/uploads/2023/09/Niigeria-768x350.png 768w, https://www.cointribune.com/app/uploads/2023/09/Niigeria.png 1273w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Statistics on searches for the term “Bitcoin” over the last 30 days. Source: <a href="https://trends.google.com/trends/" target="_blank" rel="noreferrer noopener">Google trends</a>
 </figcaption>
</figure> 
<p>Why such a difference? It seems that Nigerians have already recognized the benefits of Bitcoin as a hedge against the current 25.8% inflation rate. With a young and large population, Nigeria could well become the future global capital of Bitcoin.</p> 
<p>According to a report by Chainalysis, cryptocurrency transactions increased by 9% year-on-year, reaching a total of $56.7 billion in the period from July 2022 to June 2023. This growth is part of a broader context marked by a substantial depreciation of the local currency, the Naira, which experienced a significant decline in June and July 2023.</p> 
<p>The impact is even more significant when considering Nigeria’s economic power in Africa. As the continent’s largest economy, its inclination toward Bitcoin could act as a catalyst for other nations.</p> 
<h2 id="h-the-state-and-bitcoin-a-complex-relationship">The State and Bitcoin: A Complex Relationship</h2> 
<p>The Nigerian government has a complex relationship with cryptocurrencies. In 2021, there was a ban on crypto transactions, citing risks related to money laundering and terrorism financing. However, in 2022, the Nigerian Securities and Exchange Commission (SEC) reversed its stance, introducing regulations for digital assets.</p> 
<p>This reversal can be seen as an implicit recognition of the potential of cryptocurrencies. Registration fees and permits are now required for exchange platforms, but these measures also suggest a willingness to control and tax these transactions rather than banning them.</p> 
<p>Thus, the country seems to oscillate between strict regulation and growing adoption, illustrating the palpable tension between the state and the uncontrollable economic phenomenon that is Bitcoin.</p> 
<p>The case of Nigeria in the global Bitcoin landscape is intriguing in many ways. Not only does it demonstrate the growing appeal of crypto in a context of economic instability, but it also raises crucial questions about regulation and the role of governments in the digital asset ecosystem.</p> 
<p>This country even surpasses European nations like Germany (34) and Switzerland (40), where financial infrastructures are robust. This illustrates that Bitcoin is not merely an alternative but can be a preferred choice for growing economies.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div> 
<p>This is a decisive turning point, not only for Nigeria but for the entire Bitcoin community. The world is watching, and it will be fascinating to see how this story unfolds. It’s even more interesting given that a <a href="https://www.cointribune.com/en/bitcoin-un-record-historique-annonce-une-flambee-imminente-2/" target="_blank" rel="noreferrer noopener">Bitcoin ascent is imminent</a>.</p>

Bitcoin: Nigeria Crushes France and Leaves El Salvador in the Dust!

Table of Contents

Cointribune EN

Other articles published on Sep 21, 2023

How Will Li Auto (LI) Stock React to the Jump in Car Sales in China?

FLEX plunges 10% as Hodlnaut opposes OPNX’s $30m offer

ChatGPT Picks THORChain, Fantom and Tradecurve Markets for Q4 of 2023

DraftKings top investor backs CoinScan to become ‘home page’ for crypto analytics

Monero price prediction 2024-2030: Should you buy XMR now?

Rocket Pool price prediction 2024-2030: Is RPL a good investment?

Join our free newsletter for daily crypto updates!