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Home Markets Cryptos

Nigeria leads Africa combined in Q2 2020 on BTC P2P

Olumide Adesina by Olumide Adesina
July 3, 2020
in Cryptos
MicroStrategy's Bitcoin holdings now worth $783 million, Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000
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Nigerians increasing their use of BTC is no longer news, but what seems astonishing is the volume that Nigerians transacted with BTCs in Q2 2020, compared to other African countries. Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

Recent statistics obtained from usefultulips, a BTC analytic data provider, showed that Nigeria led the pack with more than $34.4 million, while the closest rival, South Africa, had a transactional value of just $15.2 million during the last 90 days.

READ ALSO: Covid-19: Guinness Nigeria warns investors its results will be bad

Among top countries in the last 90 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $34.4 million dollars
South Africa – $15.2 million dollars
Kenya – $7.8 million
Ghana – $640,000
Tanzania – $600,000

Quick Facts: In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

It shows that BTC’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

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The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system, as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoins.

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