An interactive map compiled by Blockchaincenter.net using Google Trends data reveals that search interests for Bitcoin are highest in Africa and South America.
According to the map published on the Blockchaincenter.net website, Bitcoin is the top searched cryptocurrency in the world with a staggering 80.8% dominance. This shows that outside Bitcoin being the number one digital currency based on market capitalization, Bitcoin tends to be the most popular of all the digital currencies in the market.
Based off the rankings search interest for cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Cardano, Dogecoin, IOTA, Litecoin, Tron, Ripple, Monero – in Kenya 94.7% are for Bitcoin, Nigeria 89.4% are for Bitcoin, South Africa 89% are for Bitcoin and Morocco 86.6% are for Bitcoin. In the rankings Kenya occupies the number one spot with Nigeria, South Africa and Morocco occupying the number 5, 6 and 9 positions respectively of the top ten countries rankings for Google trends Bitcoin search interest.
Insights on Cryptocurrency adoption in Africa
Based on the Google trends search interests it shows more Africans are interested in Cryptocurrencies and Africa can become a major Blockchain Industry player in the future. In July last year the speaker of the Nigerian House of Representatives, Rt. Hon. Femi Gbajabiamila said this about cryptocurrency and blockchain adoption in Nigeria:
On the issue of cryptocurrency, I think blockchain technology is novel and coming up strong. We don’t want to be left behind. Not too long ago, a group of world leaders, G20 met in Osaka, Japan and one of the issues they discussed was blockchain technology and cryptocurrency. They had a sub-group of leaders called the V20 established from that meeting. It’s an assemblage of virtual currency representatives. I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously.
The Bank of Ghana hinted last week that they are still exploring the possibility of creating a central bank digital currency (CBDC). Also in April this year the South African regulatory operator issued a policy document claiming that cryptocurrencies and virtual currencies needs to be regulated as activities relating to these assets class can no longer remain outside the regulatory frame work.
In terms of peer-to-peer (P2P) Bitcoin trading volume in May 2020, Africa became the region with the second highest volume overthrowing Latin America with a total volume of $54,800,000. All these shows that cryptocurrency adoption is growing in the African Continent and in the nearest future cryptocurrency will go mainstream.