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Nigeria Experiences Spike in Bitcoin Adoption

Nigeria Experiences Spike in Bitcoin AdoptionNigeria has witnessed a recent spike in bitcoin adoption, with the P2P markets setting a new record for trading volume thus far during the week of the 16th of December. Nigeria comprises the most recent African nation to experience a spike in cryptocurrency adoption, with Zimbabwe’s bitcoin prices having been among the highest worldwide for a large portion of 2017. Also Read: Nigerian NDIC Warns That Cryptocurrencies Lack Consumer Protections

Nigerian P2P Bitcoin Markets Set Record for Trading Volume

Nigeria’s local bitcoin markets have established a record high for trading volume, with nearly 1,950,000,000 Nigerian Naira worth of BTC exchange hands so far during the week of the 16th of December. According to cryptocompare, Nigerian Naira/BTC trade comprises the 23rd largest bitcoin market by national currency as of this writing, seeing 101.45 bitcoins traded in the last 24 hours. The Naira/BTC trade accounts for approximately 0.03% of global bitcoin trading. Nigeria Experiences Spike in Bitcoin Adoption Nigeria is reported to have experienced the second largest growth in its P2P bitcoin markets, trailing behind only China after witnessing growth of approximately 1,500% during 2017.

Nigerian Bitcoin Adoption Swells Due to Fallout From 2016 ‘Dollar Crunch’

Nigeria Experiences Spike in Bitcoin AdoptionManasseh Egedegbe, a Nigerian investment manager, recently told media of his decision to use bitcoin in 2016. After Nigeria’s central bank enforced strict capital controls designed to limit the use of U.S dollars throughout the nation. Mr. Egedegbe then turned to bitcoin, stating “I was able to use bitcoin to do just one transaction and then I got hooked.” Mr. Egedegbe states that many Nigerians have been attracted to bitcoin solely for speculative purposes. He states that some Nigerians have grown tired of “seeing the price skyrocket,” and now “want a piece of the action.”

Nigerian Bitcoin Exchanges Proliferate

Nigeria Experiences Spike in Bitcoin AdoptionOctober saw the launch of two new Nigerian exchanges: Bitkoin Africa, cofounded by Timi Ajiboye; and Tanjalo, which was cofounded by Tim Akinbo. The exchanges appear to be establishing significant market share quickly, with Mr. Ajiboye claiming that almost half of Bitkoin Africa’s trading volume since launch took place during the first ten days of December, and Mr. Akinbo estimating that Tanjalo has facilitated close to $1 million USD worth of cryptocurrency since launch despite the company investing in “very little marketing.” Mr. Ajiboye anticipates the future for crypto to be bright in Africa, citing the continent’s lack of “advanced financial infrastructure” as a likely catalyst for widespread future adoption. Do you think Nigerian bitcoin adoption will continue to grow? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coindance
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Iran Considers Using Cryptocurrencies to Evade US Sanctions
Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US doll...

17.07.2018, 03:55Read more
P2P Markets Report: Latin American and Hungarian Volume Surges
P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-r...

17.07.2018, 01:55Read more
G20 Watchdog Unveils Framework to Monitor Crypto
G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.” Also read: Yahoo!...

16.07.2018, 23:55Read more
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