Are Africa And South America Poised For Mass Bitcoin Adoption?

Bitcoin

New data reveals which regions are most interested in Bitcoin and the cryptocurrency industry.

A map published at Blockchaincenter.net shows that searches for and related to Bitcoin are from African and South American countries predominantly. The data, collected from Google Trends, also shows that Kenya, Nigeria, and South Africa in Africa and Brazil, Chile, Ecuador, and Argentine in South America are the leading Bitcoin maximalist nations, all showing high search volumes for Bitcoin. South America shows as the most “Bitcoin Maximalist” continent, with four countries making the top ten.

South Africans Interested In Bitcoin And Making Money From It

A report released in May shows that the African continent seems to be most ready to adopt cryptocurrency, with high search interest in Bitcoin and surging trading volumes.

The report stated that adoption might be slow, but the potential for the cryptocurrency industry across the continent is massive:

Africa is one of, if not the most promising region for the adoption of cryptocurrencies This is due to its unique combination of economic and demographic trends. While the overall adoption is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward.”

Last month, South Africa saw its strongest week in peer-to-peer trading volumes with nearly $1.65 million USD worth of Bitcoin tokens exchange across Paxful and Local bitcoins Interestingly, the surging volume came after South Africa’s financial regulatory authority issuing a document stating that cryptocurrency activity and digital asset trading “can no longer remain outside of the regulatory perimeter.

Read more: South Africans are leaving their jobs to make money with Bitcoin

Which Cryptocurrencies Are Most Popular?

According to the data, the top tokens search are Bitcoin, Ethereum, Ripple’s XRP, Litecoin, Bitcoin Cash, IOTA, Monero, TRON, Dogecoin and Cardano. Unsurprisingly Bitcoin is the leading token in search volumes by far, with an 80.8% dominance in search interest. It’s interesting to note that while Bitcoin, Ethereum, Ripple, and Bitcoin Cash all fall in the top five cryptocurrencies in terms of market cap, the list of most searched digital tokens does not reflect the market cap rankings of cryptocurrencies. Dogecoin, for example, does not fall within the top 30 cryptocurrencies by market cap.

 

 

 

Related Articles

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

How is Bitcoin regulated in the United States?

Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.

BlockFi financial leaks shows $1.2 billion FTX links

Financial information accidentally leaked in a presentation shows that BlockFi's financial ties to FTX were much higher than previously...

Genesis slapped with lawsuits amidst bankruptcy proceedings

Class action lawsuits have been filed against crypto lending platform Genesis as the firm deals with bankruptcy filings.

See All