Nigeria & South Africa Tops List of Countries Searching for Bitcoin
Following the recent bull run of Bitcoin’s price, one would expect that crypto heavy weight-countries like South Korea, China and the United States would top the list of searches on Bitcoin. Interestingly, stats from Google show otherwise. Nigeria, South Africa, Ghana, St. Helena and Netherlands are the top 5 countries with “Bitcoin” Google searches in recent times.
Bitcoin which has been trading sideways (within the range of $3200 to $3600) throughout this year, broke its resistance in the last week and reached new 2019 all-time-highs. There is no doubt that this gain of around 50% has tickled the fancy of investors are speculators who appear to be FOMO-ing in.
Nigeria is topping the list arguably due to the size of its population (over 180 million) and the number of tech-savvy individuals within the region. Additionally, it may not be unconnected to the fact that countries like Nigeria, Venezuela and Kenya are subject to high inflation rates and shady political practices and citizens are turning to cryptocurrencies as a preferred option to secure their wealth, stay under the radar or pay for international transactions. In Venezuela for example, despite the high inflation rate, the country’s government turned to a state-backed digital asset, Petro Coin as a means to circumvent sanctions and stabilize the economy.
In general, it is interesting to see African countries gear up for a digital economy.