2 November 2024
Nigeria Is Becoming The Biggest Bitcoin Hub
The United States is the leading nation when it comes to the cryptocurrency revolution. The country has the world's biggest cryptocurrency exchanges such as Coinbase and Kraken. However, looking at the current scenario, the nation might lose its position against Nigeria.
Over the last two months, bitcoin's popularity has increased in the country due to the police brutality protests. The government of Nigeria closed down the access of protester's standard or traditional financial services and products. However, protesters turn to bitcoin to fulfill their supplies to continue the cause.
40 percent of bitcoin transactions were accounting for the protests. They managed to raise roughly $400,000 using the digital currency, and the trend has picked up since then. Nigerians have traded more than 60,000 bitcoin units in the last five years and roughly engaged in $566 million worth of crypto transactions.
With this, Nigeria becomes the second-largest bitcoin and cryptocurrency-trading territory in the world while the US holding the number one position. Although, it looks that Nigeria is beginning to catch up.
Bitcoin is mostly used as remittance payments where people working abroad send money home to their families and bitcoin is promoted as solid remittance tools.
Nigerian regional manager of Paxful, Nena Nwachukwu said in an interview,
“They mostly use the platform for peer-to-peer and arbitrage trading. Remittances is also a popular use case.1”
The national fiat currency, Nigerian Naira, has now being considered more unstable than ever.
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