Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa follows suit.
Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat.
Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to useful tulips. In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579)
This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups. It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.
The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin.