How Will Nigerians Spend $451 Million Bitcoin Cryptocurrency in 2021? By Wayan Vota on December 23, 2020
Paxful, a leading peer-to-peer bitcoin marketplace, reports that Nigeria is now has the world’s second largest Bitcoin trading volume. Nigerians have traded 60,215 Bitcoins in the last five years, or more than $566 million USD.
Bitcoin trading volume was already growing at 20% per year. Then 2020 happened and created a 30% trading spike, with over 20,500 coins traded, or $451 million USD in this year alone. Obviously, COVID-19 pandemic response fulled interest in cryptocurrencies. Yet that isn’t the full reason that Paxful reported a 137% increase in new registrations in Nigeria this year.
As Nigeria works to introduce blockchain regulation, US lags behind
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When it comes to cryptocurrencies, there’s often a tendency to focus on their price and speculative nature. However, the price curtain is an emerging, innovative, and rapidly growing industry. A report by PWC, a global consulting firm, estimates that the blockchain industry could boost global GDP by $1.76 trillion over the next ten years. To have that level of economic impact, the industry needs a clear regulatory framework.
Take Nigeria, for example. The country is a global leader when it comes to cryptocurrency adoption. High bitcoin and crypto ownership rates, rapidly growing peer-to-peer volumes, and active retail remittance market all tell the same story. Driven by economic and political instability, as well as the history of rampant inflation, many Nigerians have moved their money into Bitcoin over recent years. Cross-border payments are another area where cryptocurrencies can