There are many countries around the world that have very unstable governments. In these countries, the citizens are worried about economic collapse and having all the money they have in their bank account seized by the government. Therefore, more people around the world who live in countries that are not stable economically are starting to use bitcoin and other cryptocurrencies. It is true that there is no regulation. However, people who use bitcoin do not need to worry about their assets being seized by their government during an economic crisis or lost due to a bank collapse.
According to bitcoinist.com’s report, Nigeria is one of the countries that is seeing a very rapid rise in people buying bitcoin. If you take the time to analyze the economic problems that are impacting Nigeria right now, it is very easy to see why the citizens of this country do not believe that their money will be protected in a bank. Nigeria is one of the top five countries to perform searches for cryptocurrency on Google in 2019. This says a lot about the popularity of bitcoin in the country when you consider its relatively small population compared to many other countries that are more economically developed.
It is very interesting that Nigeria has become a popular place for bitcoin activity. This is because the Central Bank of Nigeria has stated very clearly that it does not consider cryptocurrencies like bitcoin to be legal tender. The senate of Nigeria has also tried to steer citizens away from crypto. However, their efforts have not worked so far. It is not very likely that people in Nigeria will change their attitude towards bitcoin as long as the economy remains stagnant and the government remains corrupt. It is a lack of trust in the government that is pushing people to protect their money by putting it in bitcoin.
Other African countries like Ghana and South Africa are also booming where bitcoin is concerned. Africa is becoming one of the biggest places in the world for using crypto. It has gotten to the point where Square CEO Jack Dorsey will be living in Africa for the next few months to find out how the various countries on the continent can best benefit from his company’s crypto services. Dorsey and many other people in the crypto industry believe that Africa will have a very big role to play in terms of digital currencies becoming mainstream.
