Brazil Surpasses Nigeria in Bitcoin Interest, El Salvador Leads the Race
Summary:
Brazil has overtaken Nigeria in Bitcoin interest, becoming the second-ranked country in the Bitcoin rankings released by Google Trends, with El Salvador retaining its top spot. The interest in Bitcoin is notably increasing in Brazil, persuading Nigerians to lean more towards the USDT stablecoin. Brazil's largest private bank, Itau Unibanco, began offering crypto services following cryptocurrency regulation changes in Latin America. In Nigeria, despite the declining Bitcoin interest, the country leads in cryptocurrency adoption globally.
In the latest Bitcoin interest rankings, Brazil has ousted Nigeria, the largest economy in Africa, from the second spot. Google Trends data reveals El Salvador as the leader, followed by Brazil, and then Nigeria. As Bitcoin gains more traction in Brazil, the most populous country in Latin America, Nigerians seem to be gravitating towards the USDT stablecoin instead. In 2022, El Salvador, Nigeria, and Brazil held the first, second, and third positions respectively.El Salvador’s dedication to Bitcoin has solidified the country’s lead. On December 7, the Salvadoran government launched the Freedom Visa, a residency and citizenship program for 1,000 individuals willing to donate $1 million in Bitcoin or Tether, in association with stablecoin issuer Tether.The largest private bank in Brazil, Itau Unibanco, entered the crypto space by offering Bitcoin and Ether trading services in early December. This move came in the wake of several changes to cryptocurrency regulations in Latin America. On December 12, Brazilian President Luiz Inacio Lula da Silva signed a law to tax crypto assets that are held overseas by Brazilians.In Nigeria, the choice of cryptocurrency is leaning towards stablecoins as they are pegged to the widely accepted U.S. dollar, providing a buffer against inflation and naira devaluation. They offer financial stability against market swings and potential for significant returns. Per the 2023 Geography of Cryptocurrency Report by Chainalysis, the naira to USDT trading rates have more than doubled in 2023. The Central Bank of Nigeria forbade licensed banks from crypto-related activities over two years ago to curtail the rise of unregulated transactions.Despite the Central Bank’s restrictions, Nigeria's crypto market remains a key transactional tool in the country but has been on a decline due to the growth of crypto-friendly countries like the UK, UAE, and Brazil. With an annual growth rate of 9%, Nigeria is a global leader in cryptocurrency adoption, according to Chainalysis. Although Bitcoin interest has somewhat waned, Nigeria has consistently been amongst the top three countries with consistent growth since 2021.
Published At
12/21/2023 9:42:36 AM
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