June 24, 2024
Bitcoin Landscape Shifts: Brazil Rises, Nigeria Falls to Third Place
Bitcoin News

El Salvador Holds Firm, Brazil Surges, Nigeria Slips: Latest Bitcoin Interest Rankings

Brazil has displaced Nigeria, the largest economy in Africa, from its former second-place position in the interest-in-Bitcoin rankings. El Salvador remains at the top, Brazil now holds second place, and Nigeria has shifted to third, according to data from Google Trends.

The trend data indicates that while Bitcoin’s popularity surges in Brazil, the most populous country in Latin America, Nigerian crypto users are increasingly favoring the USDT stablecoin over Bitcoin. In 2022, the rankings stood with El Salvador in first place, Nigeria in second, and Brazil in third.

El Salvador has solidified its leading position in Bitcoin interest due to its unwavering commitment to the cryptocurrency. Recently, on Dec. 7, the government collaborated with stablecoin issuer Tether to introduce the Freedom Visa program. This citizenship-by-donation initiative offers residency and a path to citizenship for 1,000 individuals willing to donate $1 million in Bitcoin (BTC) or Tether (USDT) to the country.

In early December, Brazil’s largest private bank, Itau Unibanco, initiated cryptocurrency services, initially focusing on Bitcoin and Ethereum trading. This expansion into digital assets followed a series of regulatory changes in Latin America. President Luiz Inacio Lula da Silva signed legislation on December 12 imposing taxes on crypto assets held abroad by Brazilian citizens.

Meanwhile, in Nigeria, stablecoins have gained favor among cryptocurrency users due to their tie to the widely accepted asset, the U.S. dollar, serving as a hedge against inflation and the devaluation of the naira.

Stablecoins not only offer financial stability against market fluctuations but also present promising opportunities. Chainalysis’ 2023 Geography of Cryptocurrency Report indicates a substantial increase in peer-to-peer trading rates of the naira against USDT in 2023, more than doubling the initial rate.

It has been over two years since the Central Bank of Nigeria (CBN) prohibited licensed banks from engaging in cryptocurrency-related activities to regulate unmonitored transactions. Despite the hurdles, Nigeria’s crypto market remains a significant tool for transactions in the sub-Saharan nation. However, its prominence is gradually diminishing as more crypto-friendly countries, such as the UK, UAE, and Brazil, gain traction.

Nigeria leads in cryptocurrency adoption in Africa and globally, experiencing a 9% annual growth rate, according to a Chainalysis report. Despite recent declines in Bitcoin interest, Nigeria has consistently ranked among the top three countries in terms of growth since 2021.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Bitcoin Transactions Surge to Record High Post-Halving

Bran Lopez

Bitcoin Faces 20% Chance of Surpassing $70,000 by April End, Lyra Finance Predicts

Robert Paul

Bitcoin Transactions Hit Yearly High in USD Value

Anna Garcia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.