Despite a crackdown on cryptocurrency from the Nigerian government, the country is looking at a strong peer-to-peer Bitcoin trading volume.
In addition to its massive P2P volume, Nigeria is also the number one country for search results for Bitcoin as a term. According to Google Trends, Nigerians are intrigued by Bitcoin and are researching it and looking to trade it. At the time of writing, the growth in Bitcoin adoption in Nigeria has also resulted in the region taking the tanking as the second leading region for peer-to-peer Bitcoin trading. According to Useful Tulips, Bitcoin trading at a peer-to-peer level in Nigeria is boosting the Sub Saharan region, which is now looking at a whopping $18.8 million in weekly volume in the last week.
Is the crackdown surging Bitcoin trading in Nigeria?
With political and economic strains pulling investors and users to Bitcoin and cryptocurrency adoption, the government has been looking to crack down on the digital market. Tension in the country with public protest and strikes against police brutality and military control has been a possible contributor to the adoption of the market too. Groups and humanitarian organisations looking to assist protestors found themselves frozen out of their bank accounts, leading them to need an asset or currency outside of government regulation. As a result, some groups have been turning to Bitcoin and cryptocurrency and more and more transactions have turned to the digital capacity.
Gatefield, a social organisation, had responded to tension in Nigeria, providing assistance to journalists covering protests in the country. Following this, the group’s accounts faced a bank suspension. Adewunmi Emoruwa, the founder of Gatefield, commented on this, offering that the government interference would lead to people seeking solace from the authority in other forms, saying:
“I think that [this] is like the key catalyst for some of these decisions the government is making. It caused fear. They saw, for example, that people could decide to bypass government structures and institutions to mobilize.”