Africa is leading the rest of the world as regards interest in Bitcoin. Google Trends show that the most searches for the word “Bitcoin” on the planet are coming from Nigeria, South Africa and Ghana.
According to the analytics, the interest in Bitcoin, and perhaps other cryptocurrencies, is rapidly increasing to heights last observed during the bull run in late 2017 and early 2018.
Seemingly after the recent hike in the price of BTC above the USD 8 K mark, people have picked up none-like-before interest in the virtual currency.
The price of Bitcoin went below the USD 10 K mark in the wee months of 2018. It was gradual and barely a month after it reached the USD 20 K crescendo in mid-December.
Soon, the profits turned into losses, and across the year, interest in the “volatile asset” and well went down the trench. Not until the “golden cross”, interest in Bitcoin decreased drastically from 2018 to early 2019.
Luno is currently holding its cryptocurrency enlightening programs in Nigeria. In a recent interview, Marius Reitz, the general manager of Luno’s African operations, informed that Africa had remained spirited and keyed up about digital currencies as it was when the prices took off to skies never flown before. He also revealed that Luno’s platform has continued to register new users in the face of bearish markets.
This is a wave some might think of dismissing. While some a say “It’s just one of those things”, it is incredibly crucial to recognize a continent such as Africa where cryptocurrencies are looked upon more or less like a get-rich-quick scheme. It is no longer news that crypto is one of the keys to unlocking the region’s potential and eradicating elitism.
Reitz said in the same interview that an increasing league of investors would rather not miss out on what seems to be the wealth of the future.
Even while we saw the hopes of the rest of the world founder when cryptos hit the great bottom below in 2018, African investors continued trading these currencies.
Among the top five, Nigeria leads the pack. South Africa and Ghana come second and third, while Netherlands and St. Helena finish off as fourth and fifth respectively.
Featured Image Via Coindesk