In a notable shift on the global Bitcoin interest stage, Brazil has surpassed Nigeria, the largest economy in Africa, in the rankings, according to data from Google Trends. The top position remains firmly held by El Salvador, which has sustained its lead in Bitcoin interest. This rearrangement is indicative of the evolving landscape in cryptocurrency usage and preferences.
El Salvador’s unwavering commitment to Bitcoin is evident in its recent collaboration with stablecoin issuer Tether. On December 7, the government introduced the Freedom Visa, a unique citizenship-by-donation program. The initiative offers residency and a pathway to citizenship for individuals contributing a $1 million Bitcoin (BTC) or Tether (USDT) donation to the country. El Salvador’s innovative approach to integrating cryptocurrency into its systems has contributed to maintaining its lead in global Bitcoin interest.
In Brazil, the surge in Bitcoin popularity is reflected in the actions of major financial institutions. Itau Unibanco, the country’s largest private bank, entered the cryptocurrency space in early December, initially offering trading services for Bitcoin and Ether. The move follows a series of regulatory changes in Latin America, including a law signed by Brazilian President Luiz Inacio Lula da Silva on December 12, imposing taxes on crypto assets held abroad by Brazilian citizens.
Meanwhile, in Nigeria, the landscape of cryptocurrency usage is shifting. Stablecoins, particularly Tether (USDT), have gained prominence over Bitcoin, driven by their ties to the U.S. dollar. This provides Nigerian crypto users with a hedge against inflation and the devaluation of the naira, the national currency. Despite facing challenges and regulatory restrictions, Nigeria’s crypto market remains a significant force in sub-Saharan Africa. However, the nation is gradually ceding ground to more crypto-friendly countries like the United Kingdom, the United Arab Emirates, and now Brazil.
According to the 2023 Geography of Cryptocurrency Report by Chainalysis, Nigeria leads in cryptocurrency adoption in Africa and globally, experiencing a 9% annual growth rate. Despite recent declines in Bitcoin interest, the country continues to rank among the top three nations with consistent growth since 2021. The dynamics of global Bitcoin interest are in flux, highlighting the diverse approaches countries are taking toward integrating cryptocurrencies into their financial systems.
