According to Cointelegraph: El Salvador continues to lead the Bitcoin-interest charts, while Brazil has overtaken Nigeria to claim the second position. According to Google Trends data, the Latin American nation recently jumped above Africa's largest economy, pushing Nigeria to third place. The shift is attributed to Brazil's growing Bitcoin popularity and Nigerian crypto users favoring USDT stablecoin over Bitcoin.
In 2022, El Salvador made headlines for becoming the first country to adopt Bitcoin as legal tender. The nation further solidified its commitment to Bitcoin on December 7, partnering with stablecoin issuer Tether to launch a citizenship-by-donation program, Freedom Visa, which requires a $1 million Bitcoin or Tether donation.
Brazil's ascend in the rankings coincides with its largest private bank, Itau Unibanco, expanding into digital assets and offering cryptocurrency services, including Bitcoin and Ether trading. Further, Brazilian President Luiz Inacio Lula da Silva signed a law on December 12 imposing taxes on crypto assets held abroad by Brazilian citizens.
In Nigeria, stablecoins have increased in popularity, seen as a secure asset against inflation and the naira's devaluation. According to the 2023 Geography of Cryptocurrency Report by Chainalysis, the peer-to-peer trading rates of the naira against USDT registered a steep increase in 2023, over doubling the initial rate.
Despite regulatory challenges and decreasing prominence compared to crypto-friendly countries such as the UK, UAE, and Brazil, Nigeria's crypto market still serves as a crucial transactional instrument in the country. Furthermore, a Chainalysis report states Nigeria boasts a 9% annual cryptocurrency adoption growth rate.
In a global context, despite recent dips in Bitcoin interest, Nigeria consistently ranks among the top three nations for cryptocurrency adoption since 2021.