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People in South Africa and Uganda are fascinated by Bitcoin

Individuals in South Africa and Uganda are intrigued by the price movements of Bitcoin. Could this mean that the developing markets are on their way to adoption?

South Africans have been recently been hit by heightened regulations by the country’s Reserve Bank in a consultation paper stating that more restrictions will be placed on the trading of Bitcoin and cryptocurrencies. Despite this, however, South Africans are still exceptionally interested in the state of price movements of the cryptocurrencies.

According to data taken from Google Trends, South Africa and Uganda are among the countries most interested in cryptocurrency. In Africa, Kenya, Ghana and Nigeria also boast an interest in the digital tender in the past 30 days.

Taking population density and country size into consideration, South Africa holds a concentrated amount of interest in the “Bitcoin price”:

Taking the wording of search terms into account, “the price of Bitcoin” is a concept often searched in Uganda.

In a World Payments Reports released by Capgemini and BNB Paribas, developing markets, such as that of South Africa and other developing nations, are driving a “boom” in cryptocurrencies. Although this was taken before the stricter regulations were put in place, some have said that these might help with both adoption of the cryptocurrency and also the ecosystem as a whole.

Interestingly, it seems that South Africans are curious about the price, but only in the digital sense. According to Bitcoin ATM Radar, Bitcoin ATMs are few and far between in the African nation. Compared to the United States which boasts 2521 ATMs at present, South Africa only has five locations which offer a Bitcoin or cryptocurrency ATM. Also in Africa, Kenya, Uganda and Zimbabwe only have one each. Nigeria at present has no recorded Bitcoin ATM locations.