Brazil has overtaken Nigeria, claiming the second position in global Bitcoin interest, according to data from Google Trends. El Salvador, with its unwavering commitment to Bitcoin, maintains its lead in the rankings.
The data highlights Brazil’s expanding interest in Bitcoin, making it the second most Bitcoin-curious nation globally. Brazil’s largest private bank, Itau Unibanco, entered the cryptocurrency arena in December, offering trading services for Bitcoin and Ether. This move aligns with a series of cryptocurrency regulatory changes in Latin America.
President Luiz Inacio Lula da Silva signed a law on December 12, introducing taxes on crypto assets held abroad by Brazilian citizens. This regulatory development indicates a growing government interest in monitoring and taxing cryptocurrency-related activities.
El Salvador’s Continued Dominance
El Salvador continues to lead in Bitcoin interest, solidifying its commitment with groundbreaking initiatives. On December 7, the government, in collaboration with stablecoin issuer Tether, introduced the Freedom Visa. This citizenship-by-donation program offers residency and a pathway to citizenship for individuals contributing a $1 million donation in either Bitcoin (BTC) or Tether (USDT) to the country.
Nigeria’s Shift to Stablecoins
Nigeria, once second in Bitcoin interest, has now slipped to the third position. The preference for stablecoins, particularly USDT, is on the rise among crypto users. These stablecoins, tied to the U.S. dollar, provide a hedge against inflation and the devaluation of the naira.
Despite being a crypto adoption leader in Africa and globally, Nigeria faces challenges. The Central Bank of Nigeria’s restrictions on licensed banks participating in cryptocurrency-related activities have posed obstacles. The Nigerian crypto market, while still significant, is gradually losing prominence to more crypto-friendly nations like the UK, UAE, and now Brazil.
Chainalysis reports the African country’s cryptocurrency adoption leads in Africa and globally, showcasing a 9% annual growth rate. Despite recent declines in Bitcoin interest, Nigeria maintains a consistent position among the top three countries with sustained growth since 2021. The challenges faced by the Nigerian crypto market underscore the evolving dynamics of the global crypto landscape.