Bitcoin trading has always seen high adoption in countries with currencies that are depreciating fast. The West African country of Nigeria has always been at the forefront of BTC adoption in the region. A combination of a large youth population, the growing popularity of tech, and a fast depreciating currency have seen citizens of the most populated African country turning to another option for value storage. Related Reading | On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet Earlier in the year, the government of Nigeria announced a country-wide ban on cryptocurrencies. Instructing banking and payment institutions to stop facilitating the buying and selling of digital assets. But despite the ban, bitcoin adoption continues to be on the rise in the country. In 2020, Paxful released numbers that showed that Nigerians made up the second-largest BTC market, only coming behind the United States. This growth of Bitcoin has continued in the country. With exchanges like Binance, Buycoins, LocalBitcoins, Paxful, and a whole host of others providing an avenue for the citizens to trade BTC through P2P. Nigeria continues to lead the continent in BTC adoption. Booming P2P Market The ban does not seem to have had much effect on the momentum of bitcoin adoption in the country. Data from UsefulTulips shows that Nigerians alone traded and moved almost $40 million in BTC P2P trading in the ...
