Why are Bitcoin-related phrases most frequently searched in Africa and South America?
Data from the Blockchain Center show that Brazilian and Kenyan citizens are most interested in Bitcoin.
Popularity of BTC
An interactive analytical map based on data from Google Trends shows the level of interest in Bitcoin around the world, showing that searches for Bitcoin-related phrases are the highest in Africa and South America. Kenya, Brazil and Chile are on the podium in the number of searches for topics related to the world’s largest crypto.
Crypto adaptation in Africa
Search data indicate that African countries may become key cryptic players. Cryptos in those areas are developing very fast and due to the interest of the big players, Africa will certainly accelerate with crypto development in the coming years.
The largest crypto exchange, Binance, sees great opportunities in the African market and has been developing its services there since 2018, despite the difficulties on the market.
A member of the Nigerian House of Representatives called in July 2019 for a new legal framework for cryptocurrency. For a long time there has been no response from the authorities, but as early as April this year, the financial supervisory authority issued a strategy document that says that cryptocurrencies can no longer remain outside the regulatory area since as much as 13% of all cryptos belong to African residents.
A large proportion of payments in Africa are now based on free money transfer systems that charge huge transaction fees. They are around 9-11%, and this only shows that Africa needs new solutions. Bitcoin currently has very low transaction fees, so sending every amount of BTC will be less than $0.60, and this certainly encourages network users residing in Africa.
Bitcoin is by far the most frequently searched token among all cryptos but it seems interesting to note that Asia, according to data from Blockchain Center, is most open to other resources such as XRP, Cardano, Tron or IOTA. This may be largely due to the stereotype of gamblers in those areas and the numerous restrictions on Bitcoin use.
Bitcoin and its impact on the pandemic
The COVID-19 pandemic seems to increase demand for cryptocurrency in countries interested in decentralised digital money. In April, when the pandemic was still a very fresh event, BTC’s turnover volume was the largest in Argentina, Chile and Venezuela from the very beginning, and cryptic searches have been reaching new heights.
Mass printing of money reducing the value of fiat, sensitized the market and showed that traditional assets are not as safe as you might think. In addition, the lack of bank accounts for the majority of Africans and all the signs indicating the security of the Bitcoin resource are encouraging many African citizens to take an interest in and invest in the cryptocurrencies. We will certainly see the African crypto and blockchain technology market flourish in the near future.