Brazil has displaced Nigeria as the second-ranked nation in terms of Bitcoin interest, according to data from Google Trends.
El Salvador has maintained its position as the leader in this ranking.
The shift suggests a changing landscape in cryptocurrency preferences as Bitcoin’s popularity surges in Brazil, Latin America’s most populous country.
El Salvador’s continued dominance in Bitcoin interest can be attributed to its unwavering commitment to the cryptocurrency.
On December 7th, the El Salvadoran government, in collaboration with stablecoin issuer Tether, introduced the Freedom Visa program.
This initiative allows for citizenship by donation, granting residency and a pathway to citizenship to individuals contributing a $1 million donation in either Bitcoin (BTC) or Tether (USDT) to the country.
In Brazil, the country’s largest private bank, Itau Unibanco, entered the cryptocurrency arena by offering cryptocurrency services, starting with Bitcoin and Ether trading.
This move came following a series of regulatory changes in the Latin American cryptocurrency landscape.
In contrast, Nigeria has seen a shift in its cryptocurrency landscape, with a growing preference for stablecoins, particularly the USDT, over Bitcoin.
READ MORE: Solana Memecoin Trader Turns $226,000 into $1.6 Million in Just Five Days
This preference is driven by the stability of stablecoins, as they are pegged to the widely accepted U.S. dollar, offering a hedge against inflation and the devaluation of the Nigerian naira.
Stablecoins are not only chosen for their stability but also for their profitability.
According to the 2023 Geography of Cryptocurrency Report by Chainalysis, peer-to-peer trading volumes of the naira against USDT have witnessed a significant surge in 2023, more than doubling the initial rate.
Despite facing challenges, Nigeria’s cryptocurrency market continues to be a vital transactional tool in the sub-Saharan region.
However, it is gradually losing its prominence to more crypto-friendly countries such as the United Kingdom, the United Arab Emirates, and Brazil.
Nigeria remains a leader in cryptocurrency adoption in Africa and globally, experiencing an impressive 9% annual growth rate, as per a Chainalysis report.
Despite recent declines in Bitcoin interest, Nigeria remains among the top three countries with consistent growth since 2021.
As the cryptocurrency landscape continues to evolve, these rankings may see further shifts in the coming years, reflecting changing preferences and regulatory dynamics in different regions.
Discover the Crypto Intelligence Blockchain Council
