Nigeria’s interest in Bitcoin has topped globally with a peak popularity of 100. This is according to data presented today Stock Apps, which has also noted that global interest in the keyword Bitcoin soared by 112.76% year-on-year.
Stock Apps is a financial educational hub for both beginners and experienced investors that provides insights through financial educational guides and video tutorials on how to buy shares and invest in stocks on your mobile.
The company notes that Google search records topics with the most interest globally. The points represent the search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term.
“The data shows that Nigeria holds the highest searches for the keyword Bitcoin. The high interest coincides with a period the Nigerian economy has been struggling,” Stock Apps says. The country’s currency has been weakening significantly forcing many people to look for alternative sources of value. Notably, the Nigerian economy has gone into two recessions within four years, the company says.
Like Nigeria, more people are interested in exploring Bitcoin’s promise of an alternative source of wealth in the wake of the coronavirus pandemic, the company says.
“The pandemic has triggered a global recession for most economies. Most, importantly, Bitcoin has remained resilient than traditional stocks alongside precious metals like Gold. Digital currency is now viewed as an alternative driving adoption,” they say.
Stock Apps’ tracking also shows that other African countries with significant Google search on Bitcoin are South Africa (41), Ghana (38) and Kenya (25).
“The surge in searches correlates with Bitcoin’s continued interest from investors as well as a soaring value. Over the last two months, the asset has been growing in value at a similar pace recorded in 2017 when it hit its all-time price of $20,000. By press time, the asset was trading at $18,697. Notably, Bitcoin has recorded a growth of 225% from lows recorded early this year,” the company said in a media statement.
The skyrocketing Bitcoin searches can also be linked to the Fear of Missing Out as the prices hit new levels, Stock Apps notes.
Most people want to know more about Bitcoin, how to invest in it, and the risks involved. This has led to an increase in the adoption of the asset with data indicating that new Bitcoin addresses are increasing.