The Republic of Nigeria is likely going to become the next big spot for Bitcoin. The world’s largest digital currency is widely being used across the entire nation. Bitcoin is increasingly being used by Nigerians for navigating the restrictive monetary and banking system of the country. Especially, the youth in Nigerian has shown a great deal of interest in the leading digital currency. With the rising popularity of Bitcoin, Nigeria is emerging as a major bitcoin market.
Nigeria Becomes the World’s Second-Biggest Bitcoin Market
Reportedly, Nigeria has now become the world’s second-biggest peer-to-peer (P2P) bitcoin market. According to the latest data shared by the leading P2P bitcoin exchange Paxful, over the course of the last five years, around 60,215.7 Bitcoin (BTC) has been traded in the Republic of Nigeria. In the period between May 2015 and Nov 2020, over $566 million worth of Bitcoin has been traded by Nigerians. This is how it became the second-largest P2P bitcoin marketplace at the platform of the Paxful exchange.
The United States is the only country that traded a total of 535,660.3 BTC during this period and is the world’s biggest bitcoin market at Paxful with a valuation of approximately $3.75 billion. China, on the other hand, is the third-largest Bitcoin market with a valuation of $181million.
In addition to Nigeria, two other African countries including Kenya and South Africa are also active Bitcoin markets. Kenya is on the eighth-largest bitcoin with a total of 5,894.8 BTC or $55.3 million in trading volume traded out there. While on the other hand, South Africa has managed to become the tenth-biggest bitcoin market by recording the trading of $18.9 million worth of Bitcoin during the past five years as per the data from Paxful.
Increasing Popularity of Bitcoin In Nigeria
The uncertain monetary policy and fluctuations of fiat currencies have boosted the popularity of cryptocurrency trading especially Bitcoin in the country of Nigeria. Bitcoin is becoming more and more popular out there with each passing day.
Nena Nwachukwu, the Regional Manager at Paxful Nigeria said that peer-to-peer trading of Bitcoin is mostly preferred by the people of Nigeria. Adding more to it, Nena said that as compared to traditional money transfers, transfers made in Bitcoin are a lot faster and cheaper.