Nigerian Youth Propels the Country to the Top of Google Bitcoin Search Rankings

Jan 15, 2021 | Bitcoin News | 0 comments

nigerian-youth-propels-the-country-to-the-top-of-google-bitcoin-search-rankings

Nigeria, one of the biggest cryptocurrency markets in the world, recently emerged as the country with the highest number of bitcoin searches globally, according to Google Trends data. The data shows that the West African country has a search score of 100, which is more than double that of its nearest rival.

Youth-Driven Interest

According to one local report, Nigeria’s rise to the top of bitcoin search rankings signals the growing utility of the crypto in that country. The report also explains that country’s youth have been the decisive force behind this surge in bitcoin searches. This assertion is supported by Senator Ihenyen, the new president of the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN).

In his reaction to Nigeria’s new status, Ihenyen insists this is hardly surprising for a country with a “median age of 18.4.” He contends that in such a scenario, “interest in bitcoin and its adoption should be expected.”

As the Google Trends data confirms, the Nigerian interest in bitcoin is also decentralized with the Delta State ranked first in that country. Lagos, the “most populous city” in Africa is ranked a distant 17th. According to the SIBAN leader, this decentralization of interest suggests that BTC is seen by the youth as “represent(ing) the democratization of access to global wealth.”

Decentralized Interest

Meanwhile, Ihenyen points out that while institutional investor interest in bitcoin is taking hold in countries like the United States, interest for BTC “in Nigeria is as decentralized as the cryptocurrency itself.” The SIBAN president explains:

Nigerians are experiencing the level of financial inclusion that many have expected for too long. The freedom of money is a powerful thing, especially in a borderless, digital economy. Whether for remittances, e-commerce, bitcoin trading, more and more Nigerians are taking interest in bitcoin daily.

According to Ihenyen, this growing interest be cannot be stopped but “can it be maximized and managed.” He adds that policymakers and regulators should therefore be searching for ways to maximize and manage this interest instead of “looking for the red button.”

In the meantime, the Google Trends data also shows that two more African countries, namely South Africa (2) and Ghana (5), make it into the top five of the rankings. The next highest-ranked African country to feature on the list is Kenya at number 14.

What does it mean for Nigeria to be ranked number on the bitcoin search list? Tell us what you think in the comments section below.

News Source from news.bitcoin.com

Related Articles

Vitalik proposes solution to link certain layer-two scaling projects

Vitalik proposes solution to link certain layer-two scaling projects

L2 DeFi protocols currently cannot communicate with each other, so Vitalik has proposed a fix. In an ongoing effort to battle escalating transaction fees while creating a unified ecosystem, Ethereum co-founder Vitalik Buterin has proposed a solution for a particular...

Binance announces investment in crypto hedge fund Multicoin Capital

Binance announces investment in crypto hedge fund Multicoin Capital

Crypto exchange giant Binance announced Tuesday an investment in Multicoin Capital. Multicoin is a hedge fund that invests in crypto startups. With the deal, Binance has now become a partner of the hedge fund. "This is the first investment we have made of this nature....

Pin It on Pinterest

Share This