November 30, 2020

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How Bitcoin Adoption is Accelerating in Nigeria in 2020

2 min read

Many years back, bitcoin in Nigeria seemed more like a foreign topic but that’s not the case today, as many Nigerians are beginning to adopt bitcoin. In a recent study conducted by Nairametrics, it was found that Nigeria attracts more bitcoin interest compared to any other country globally. As of September 2020, it was found that Nigerians transact about $8 million of bitcoin weekly, putting the country ahead of other African nations. 

What 2020 is Like for Bitcoin in Nigeria

Bitcoin generally had a good turnout in 2020 due to the COVID-19 pandemic and there are several reports to support this. The case isn’t any different in Nigeria, as the country is reported to have seen the largest influx of activity on major crypto wallets since April 2020. The official Bitcoin System we have today has been designed to easily monitor trends and latest news to help bitcoin users make the most of their money. Nigerians have taken advantage of platforms like this to make bitcoin trading easier for them than ever.

April 2020 was also when Nigeria became the eighth country in Africa to host a Bitcoin ATM, which is a huge deal, considering the legal uncertainty in Africa generally. Other African countries that have had the crypto ATM include South Africa, Ghana, Botswana, Djibouti, Kenya, Uganda, and Zimbabwe.

Google trends also reported how Nigeria constantly topped the trend chart over the past few months in 2020, among other African countries such as South Africa and Ghana.

Increased Interest in Bitcoin

The inflation on the Nigerian currency has worsened over the years and even more so in 2020. This has encouraged more Nigerians to look for a better way out, even if it involves trading cryptocurrency. Trading bitcoin is a great way to preserve your money over time rather than watch it get devalued.

The pandemic also contributed a great deal to this, as more people had some extra time to learn new skills. With the finance topic going round lately, most people resorted to learning more about their finances and investment options, including cryptocurrency. The cashless policy topic to prevent the spread of COVID also encouraged more businesses to opt for bitcoin payments and more people took advantage of that.

Sustaining the Protests

The EndSARS that became a hot topic in Nigeria and also gained worldwide recognition in 2020 had Bitcoin featured in its progress. As the protest started gaining traction throughout the country, curfews were placed in certain states and some key bank accounts were frozen. Frozen accounts meant that money couldn’t move around freely as the organizers would want it to but bitcoin came to the rescue, as they were able to successfully receive donations from people across the world. With bitcoin being a decentralized currency, no one had to worry about frozen accounts or any interference by the government.

The adoption of bitcoin in Nigeria is here to stay and in the coming years, Nigeria would have a better tale to tell of its finance sector and its adoption of bitcoin.