Analysis has revealed that Nigeria has emerged as the world’s second-largest Bitcoin Market, according to citizen transactions in the past few years.
Following the main peer-to-peer bitcoin market, Paxful’s track record, the country has traded over 60,215 Bitcoin in the last five years. This totals $ 566 Million worth of Bitcoin, a landmark that has never been crossed by any country other than the US.
Data from Coin Dance reveals that buying and selling Bitcoin in Nigeria has seen an annual surge of at least 19% in volume since 2017, according to transactions made between May 2015 and November 2020.
The data indicated that 2020 recorded the highest Bitcoin trade in Nigeria, at volume of 20,504.50.
The SARS Protest aided the Surge
Nigeria had experienced Police Brutality Protest by its Youth in October this year. Because of the protest, the government restricted the young protesters from using local payment platforms for collecting donations to support it.
Bitcoin was the grace that young Nigerians could turn to. Therefore, Nigerian protesters quickly adopted the use of bitcoin. As a result, bitcoin accounted for about 40% of the nearly $ 400,000 raised within that week.
The event reflects a sample of how the young Nigerians are increasingly diverting to bitcoin and using it to remedy a complex and restrictive banking and financial system.
It was observed that a significant percentage of Nigerian Bitcoin holders use Paxful. Paxful has become the most popular platform to trade Bitcoin in the whole of Africa because it connects buyers and sellers without third parties.
As such, consumers do not have to worry about limiting the crypto laws by the government.
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The views expressed in the article are entirely those of the author and do not represent, and should not be attributed to, ZyCrypto’s views. This article is not meant to give financial advice. Do your own research before investing in any of the various cryptocurrencies available.