A representation of a stack of bitcoin. File image: Michael Wuensch / Pixabay
YOUNG Nigerians are increasingly using cryptocurrency and continue to lead the African crypto economy as the West African country cements itself as the second largest bitcoin market after the US.
According to a report by global media outlet Quartz, in the past five years Nigeria has traded 60,215 bitcoins, valued at more than US$566 million.
The latest data by statistics portal Coin Dance reveals that bitcoin trade in Nigeria has increased yearly at least 19% in volume since 2017, and the highest volume (20,504.50) was traded in 2020.
Quartz reports that bitcoin trade had its highest spike of 30% this year during the national lockdown in the country and the highest volume traded during the peak of the pandemic.
Technology news and innovation media outlet Tech Cabal says that with more than 620,000 active Nigerian users, Paxful, a global marketplace to securely trade bitcoin, Nigerians traded around US$15 million worth of bitcoin in April alone, making Nigeria the undisputed leader in the African region.
Nigeria, Ghana, Kenya and South Africa are the main markets in Africa.
The company says that emerging markets are the future of the crypto economy, with tech-savvy Africans using bitcoin to invest, trade, send money abroad and accumulate wealth, according to Paxful CEO and co-founder Ray Youssef.
“Bitcoin helps improve lives and gives opportunities for personal and entrepreneurial development. Paxful is all about bringing financial inclusion to the emerging world and we’re ecstatic to help so many people with limited access to the traditional financial services,” said Youssef.
– African News Agency (ANA)