Nigeria Leads P2P Bitcoin Trading in Q1 of 2021
Nigeria continues to lead P2P Bitcoin trading in Africa for the Q1 of 2021
Between January and March 2021, Nigeria had a P2P BTC trading value of $99.1 million
The top three for P2P BTC trading value is completed by Kenya($38.4 million) and South Africa ($27.4 million)
Nigerian remains the no 1 country in Africa by Bitcoin Peer-to-peer trading value.
In the Q1 of 2021(January to March) the West Africa country has traded $99.1 million in Bitcoin P2P.
The country is followed by Kenya on $38.4 million. While Ghana surpassed South Africa to move in third place on $27.4 million.
In 2020, South Africa only trailed Nigeria in P2P Bitcoin trading. Nigeria posted a value of $309.6 million during the year, and South Africa, $98.4 million.
The significant rise in P2P trading value in Kenya and Ghana has been aided by crypto endorsement from their government.
Kenya has reportedly proposed switching to Bitcoin as their reserve currency.
Ghana’s Central Bank recently launched an initiative to prioritize crypto startups and other blockchain companies.
This is however the opposite of what is happening in Nigeria. The Central Bank of Nigeria recently banned financial organizations from participating in crypto transactions.
Nigerian P2P Bitcoin trading activity keeps increasing as crypto lovers see it as a way to bypass the government’s ban on crypto.