Bitcoin Interest: El Salvador Clinch Top Spot, Brazil Displaces Nigeria
El Salvador Tops Global Bitcoin Enthusiasm
El Salvador has continued to lead the global Bitcoin enthusiasm standing, demonstrating a strong commitment to its adoption. El Salvador’s government recently partnered with the stablecoin issuer Tether to launch the Freedom Visa program.
This scheme allows people to become residents and potentially citizens of the country by investing a minimum of $1 million in Bitcoin (BTC) or Tether (USDT). However, the scheme aims to accommodate only 1,000 people.
Meanwhile, Brazil’s crypto ecosystem has also experienced notable growth this year. For instance, Itau Unibanco, the South American nation’s largest private bank, began its foray into the world of cryptocurrency services earlier this month. For now, it’s offering services for trading Bitcoin and Ether.
Furthermore, President Luiz Inacio Lula da Silva approved the bill to levy taxes on cryptocurrencies held by Brazilians in offshore accounts. This judicial action highlights Brazil’s efforts to control and monitor the cryptocurrency industry within its borders.
Accordingly, El Salvador’s proactive Bitcoin measures, together with Brazil’s embrace of cryptocurrency services and legal adjustments, represent a dynamic shift in how Latin America interacts with digital currencies. These activities reflect not only the growing popularity of cryptocurrencies but also the changing global financial landscape.
Brazil Topples Nigeria In Bitcoin Interest Chart
According to Google Trends data, Brazil has surpassed Nigeria, Africa’s largest economy, in the rankings for Bitcoin interest, placing second only behind El Salvador. While El Salvador maintains its lead, Brazil’s growth indicates a spike in Bitcoin interest in Latin America’s most populous country.
Meanwhile, Nigeria has moved down to third place from second place in 2022. In Nigeria, crypto enthusiasts are increasingly preferring the USDT stablecoin over Bitcoin.
Their preference for stablecoins, which are backed by the widely accepted US dollar, is based on the notion that they serve as a hedge against depreciation of the native currency, the naira, and inflation. As an asset pegged to the USD, stablecoins not only provide a hedge against market volatility but also present appealing prospects.
According to Chainalysis’ 2023 research on the Geography of Cryptocurrency, peer-to-peer trading rates between the naira and USDT have more than doubled since the first rates. Despite the Central Bank of Nigeria’s (CBN) directives two years ago mandating regulated banks not to engage in cryptocurrency-related transactions, Nigeria’s crypto trade volume keeps rising.
This rising crypto trade volume indicates that Nigerians keep finding the means to navigate around these legislative constraints.
Nigeria’s Dwindling Position As A Crypto Hub
Despite the obstacles, Nigeria’s crypto industry continues to play an important role in transactions within the Sub-Saharan area. However, its impact is dwindling in comparison to countries such as the United Kingdom, the United Arab Emirates, and Brazil, which provide a more crypto-friendly environment.
Nevertheless, Nigeria has maintained a consistent 9% yearly growth rate in Bitcoin usage across Africa and the world, according to a recent Chainalysis study. Despite the recent decline in Bitcoin interest, Nigeria remains one of the top three countries with constant growth in crypto engagement since 2021.
However, it is no surprise that the establishment of more crypto-friendly conditions in other nations across Africa and the world is steadily diverting focus away from Nigeria, affecting the country’s position in the global crypto market.
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