Nigerians now have more interest in stablecoins than Bitcoin – Google Trends

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December 18, 2023
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2 min read
Data from Google Trends reveals Nigerians are now more interested stablecoins than bitcoin. After El Salvador and Brazil, Nigeria comes in third in bitcoin interest.
  • According to Google Trends, Nigerians now have more interest in stablecoins like USDT than Bitcoin. 
  • After El Salvador, Brazil has taken the spot ahead of Nigeria, which comes in third in interest in Bitcoin. 
  • Before now, Nigeria took second place after El Salvador on interest in Bitcoin but has now been displaced by Brazil.

As cryptocurrencies gain widespread recognition, countries exhibit varied levels of interest in engaging with these digital assets. Notably, Nigeria is one of the countries leading cryptocurrency adoption in Africa. On a more specific note, Google Trends reveals that Nigerians now demonstrate more interest in stablecoins — especially USDT — than bitcoin, which used to be the most searched crypto token in the country. 

Meanwhile, maintaining its position, El Salvador stands firm, but Brazil has now surpassed Nigeria in Bitcoin interest, securing the second spot after El Salvador. 

The devaluation of the naira, inflation, and the volatility of bitcoin could be some of the reasons Nigerians shifted their focus to stablecoins.

Not only do stablecoins offer financial security against market fluctuations, but they also offer lucrative prospects. Peer-to-peer trading rates of Naira against USDT saw a sharp increase in 2023, more than double the starting rate. This implies that those who held assets in USDT and sold them during the peak period made profits. 

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El Salvador became the first country to declare Bitcoin legal tender in 2021. This move could explain why the nation has the highest interest in Bitcoin. However, a recent report points out that less than 2% of the country’s population holds Bitcoin, implying a slow adoption rate against expectations.

Traditional financial institutions are entering the industry in Brazil, which may have increased the country's interest in Bitcoin. Itau Unibanco, a prominent private bank in Brazil, expanded its operations to include digital assets in December 2023, acting as a trading platform and custodian for digital assets. 

Further, while Brazil has taken the lead ahead of Nigeria on interest in Bitcoin, a report shows that the total number of cryptocurrencies held by Nigerians in 2023 tops that of Brazil.

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