Brazil surpasses Nigeria in the interest rankings for Bitcoin as stablecoins gain popularity
El Salvador’s steadfast dedication to Bitcoin is the reason for its ongoing dominance in the cryptocurrency market.
According to statistics from Google Trends, Brazil is now the second most popular country for Bitcoin, surpassing Nigeria.
As Bitcoin’s popularity soars in Brazil, the most populous nation in Latin America, this movement indicates a shifting environment in cryptocurrency preferences.
El Salvador’s steadfast dedication to Bitcoin is the reason for its ongoing dominance in the cryptocurrency market. El Salvador’s government and stablecoin issuer Tether launched the Freedom Visa initiative on December 7th.
Itau Unibanco, Brazil’s biggest private bank, has become a player in the cryptocurrency space, providing services such as trading Bitcoin and Ether.
This action followed a slew of regulatory shifts in the crypto market in Latin America. Stablecoins, especially the USDT, have surpassed Bitcoin in popularity in Nigeria, which has caused a change in the country’s cryptocurrency environment.
Stablecoins are preferred because they provide security against inflation and the depreciation of the Nigerian naira; being tied to the commonly used U.S. dollar, they are also quite predictable. Both stability and potential for profit are major factors in the selection of stablecoins.
In 2023, the volume of peer-to-peer trading of the naira versus USDT increased dramatically, more than twice the original rate, according to Chainalysis’s 2023 Geography of Cryptocurrency Report.
The crypto market in Nigeria is still an important instrument for transactions in sub-Saharan Africa, even if it’s encountering certain problems.
But nations that are more crypto-friendly, including Brazil, the UAE, and the UK, are causing it to lose ground.
An astounding 9% yearly growth rate has kept Nigeria at the forefront of cryptocurrency adoption in Africa and around the world, according to research by Chainalysis.
Bitcoin interest has been on the slide as of late, but Nigeria is still one of the top three nations that has had a steady increase since 2021.
Changes in regulation and consumer tastes across jurisdictions mean that these rankings might undergo further revisions in the years to come, reflecting the dynamic nature of the crypto market.