Bitcoin Interest Ranking Reshuffled

In a development, Brazil has displaced Nigeria in Bitcoin interest, according to Google Trends data.

El Salvador retains its top spot, while Brazil takes second place, and Nigeria falls to third.

This shift suggests a growing Bitcoin popularity in Brazil, Latin America's most populous country.

Concurrently, Nigerian crypto users exhibit an increasing preference for the USDT stablecoin over Bitcoin.

El Salvador's Bitcoin Commitment

El Salvador's sustained interest in Bitcoin aligns with the country's commitment, highlighted by the government's recent collaboration with stablecoin issuer Tether.

On 7 December, they launched the Freedom Visa, a citizenship-by-donation program accepting a $1 million Bitcoin (BTC) or Tether (USDT) donation for residency and citizenship.

Brazil's Crypto Expansion

In Brazil, the largest private bank, Itau Unibanco, ventured into cryptocurrency services in early December, starting with Bitcoin and Ether trading.

This expansion follows significant cryptocurrency regulation changes in Latin America.

President Luiz Inacio Lula da Silva signed a law on 12 December imposing taxes on crypto assets held abroad by Brazilian citizens.

Nigeria's Crypto Landscape

Meanwhile, Nigeria's crypto landscape sees stablecoins, particularly USDT, gaining favour due to their tie to the widely accepted U.S. dollar.

This provides a hedge against inflation and the devaluation of the naira.

Stablecoins offer financial security against market fluctuations and present lucrative prospects.

Chainalysis' 2023 Geography of Cryptocurrency Report notes a substantial increase in peer-to-peer trading rates of the naira against USDT in 2023, more than double the starting rate.

Despite the Central Bank of Nigeria's prohibition on licensed banks participating in cryptocurrency-related activities over two years ago, the crypto market remains a significant transactional tool in Nigeria.

However, the country is gradually losing prominence to more crypto-friendly nations such as the UK, UAE, and Brazil.

Nigeria's Leadership in Crypto Adoption

Nigeria continues to lead in cryptocurrency adoption in Africa and globally, experiencing a 9% annual growth rate, according to a Chainalysis report.

Despite recent declines in Bitcoin interest, Nigeria remains among the top three countries with consistent growth since 2021.