Nigeria, Cameroon and Ghana led the world in searching for “How to buy Bitcoin” in 2022, Google trend data reveals.
Based on the data, these are the top 5 countries for that search query:
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Below is an illustration of the data and what the Google search popularity ranking of these countries looks like:
The numbers represent search interest relative to the highest point on the graph for the given region and time.
- A value of 100 is the peak popularity of the term.
- A value of 50 means that the term is half as popular.
- A score of 0 means there were not enough data for the term
The popularity and hype of Bitcoin throughout its various bull cycles has created a stir in regions across the globe. This can be seen with the search query ‘how to buy Bitcoin’, which is still going strong around the world.
Crypto adoption in Nigeria, similar to most other international developing countries, is being driven by inadequate financial services. To meet this shortfall, Nigerians started using cryptocurrencies as an opportunity to save and protect those savings.
In 2021, the Nigerian government introduced eNaira, a central bank digital currency (CBDC). Nigerians have been reluctant to adopt eNaira due to its centralized control. This shows great distrust in the powers that control the money supply.
Cameroon is witnessing gradual and steady crypto adoption. The buying and selling of cryptocurrencies is not regulated in Cameroon nor is it illegal.
As a result, anyone in Cameroon can create their own currency and sell it to the public in Cameroon and abroad for various purposes.
In 2021, Cameroon’s public debt was 18,329 million dollars. China has 61.3% of Cameroon’s bilateral debt or 27.4% of its total debt, and the African Development Bank has 30.1% of multilateral debt or 12.3% of its external debt. .
Like other African countries, Ghana has been the victim of rising inflation and debt. Government-earned revenue used to offset outstanding debts increased to 70%.
In its State of Crypto: Africa report, Arcane Research showed an organic and growing interest in cryptocurrencies. Bitcoin ownership in Ghana is said to exceed 900,000, representing more than 3% of the country’s total population.
Meanwhile, Ghana also ranks exceptionally high in Bitcoin mining interest.
Most Google searches
“How to mine #bitcoin”
1.) Nigerian 🇳🇬
2.) Ghanaian 🇬🇭
3.) Kenya 🇰🇪
4.) Trinidad and Tobago 🇹🇹
5.) South Africa 🇿🇦
6.) Slovakia 🇸🇰
7.) Canada 🇨🇦
8.) Australia 🇦🇺
9.) Singapore 🇸🇬
10.) Lithuania 🇱🇹
Africa leads the world! 🌍
— Documenting Bitcoin 📄 (@DocumentingBTC) December 20, 2022
In addition to the top 3 countries, more African countries are present in the list of top ten countries looking for ‘How to buy Bitcoin in 2022’.
Ethiopia has recently imposed some restrictions against cryptocurrencies, despite a continued push to liberalize its banking sector.
In June 2022, the National Bank of Ethiopia (NBE), which is the Central Bank of Ethiopia, warned that digital currencies are being used for informal financial transactions and money laundering schemes in Ethiopia. As such, he called on the public to refrain from trading digital currencies and to report to authorities when they see such illegal transactions.
In April 2022, Ethiopia reported a year-on-year (YoY) inflation rate of 36%.
High inflation rates have largely contributed to affected residents of some of these countries adopting new forms of currency, such as bitcoin, which offer greater levels of stability amid devaluing currencies.
After Nigeria, South Africa and Kenya are the main cryptocurrency markets in Africa. Users in these 2 countries often turn to Bitcoin and other cryptocurrencies to hedge against inflation and also for cross-border transactions.