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Home Markets Cryptos

Nigeria leads the world in Bitcoin searches on Google

Olumide Adesina by Olumide Adesina
January 12, 2021
in Cryptos, Spotlight
Bitcoin suffers worst financial loss in minutes
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Nigeria, Africa’s largest economy and home to over 200 million people, has the highest interest in Bitcoin globally.

According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google.

READ: Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC

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  • Furthermore, Delta State has the highest level of Bitcoin interests on a state level in Nigeria, followed by Ebonyi, Ekiti, Anambra, and Osun.
  • Surprisingly Nigeria’s business capital, Lagos misses out of the top 5 as regards Bitcoin level of interest on Google.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

State

  • At the time of writing this report, Bitcoin traded at $33,883.70 with a daily volume of $98 billion.
  • Bitcoin is up 2.85% for the day.
  • Bitcoin market value stood at $630 Billion.

READ: Ethereum Miners earn a staggering $1 million in 1 hour

Unsurprisingly, a significant number of young Nigerians have started utilizing cryptos, in a bid to avoid the numerous challenges faced with the traditional money transfer services, such as high costs and slow speed, amongst others.

In an explanatory note to Nairametrics, Ekene Ojieh,  Head of Public Relations and Corporate Strategy at Buffalo Chase – a crypto analytic firm, gave key insights on how some Nigerians use cryptocurrency for wealth preservation.

READ: World Bank set to invest over $5 billion in drylands across 11 African countries

“Nigerians use bitcoin not just as a store of value but also as an investment. Its accessibility enables anyone to send and receive bitcoin from any part of the world, unlike getting US dollars for international transactions.

“It is worthy to note that bitcoin is still a volatile asset. The upside of this is that one can make a significant amount of profit in a short time frame,” said Ojieh.

READ: Why intelligent investors are secretly buying Bitcoin

Then, it becomes unsurprising to see leading crypto brands like Binance, FTX, Paxful, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.


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Tags: anambraBitcoinBuffalo ChaseDeltaEbonyiEkitiNigeria
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 2

  1. Adeoye Afolorunso says:
    January 13, 2021 at 3:26 pm

    Dear Olumide, looking at your profile as a member of the chartered financial analyst society, could you please tell me what l need to know about bitcoin investment and how to become an investor.

    Kind regards

    Reply
    • Olamide joseph bamiro says:
      January 13, 2021 at 8:39 pm

      If you are a bew investor, Don’t trade Bitcoin. It is very volatile and not very transparent about the factors that influence the price cos of the whales. If u must, use proxy like buying paypal stock or Square, preferrably Pay pal. Bitcoin has no intrinsic value

      Reply

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