Search Interest for Bitcoin Highest in Africa and South America
An interactive map showing the level of cryptocurrency interest worldwide reveals that Bitcoin searches are most concentrated in countries in Africa and South America.
According to the map published at Blockchaincenter.net, Google Trends data shows that Bitcoin (BTC) dominates search interest in Africa. 94.7% of all searches related to cryptocurrencies—including BTC, Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), IOTA, Litecoin (LTC), Monero (XMR), XRP, and Tron (TRX)—in Kenya are for Bitcoin, while Nigeria and South Africa had high percentages of 89.4% and 89%, respectively.
Crypto adoption in Africa
The search indicates countries in Africa may become key crypto players in the future. Cointelegraph has reported that the speaker of the Nigerian House of Representatives called for a substantive legal framework for cryptocurrencies in July 2019.
However, South Africa has 13% of cryptocurrency ownership in Africa, the highest among internet users in the region. In April, the country’s financial regulator issued a policy document asserting that crypto assets and activities relating to virtual currencies “can no longer remain outside of the regulatory perimeter.”
Bitcoin response to pandemic
South America had four countries in the top ten most ‘Bitcoin maximalist’ to Africa’s three. Brazil had the highest search interest in BTC at 92.6%, while both Chile and Ecuador were roughly 89%. Argentina had the lowest interest of the top ten in the region at 87.7%.
The coronavirus pandemic seemed to spark a greater demand for crypto in these nations. Cointelegraph reported in April that BTC peer-to-peer trading volume in Argentina, Chile, and Venezuela had reached all-time highs.
Venezuela did not make the top ten on the aforementioned map, but BTC search interest in the region was still 75.2%. The recent interest may be due to the suspension of the country’s national banking system as part of quarantine measures.