Nigeria Leads P2P Bitcoin Trading in Q1, While Kenya & Ghana Surpass South Africa
The landscape of peer-to-peer (P2P) Bitcoin trading in Africa experienced a significant shift in the first quarter of 2021. Data reveals that Nigeria maintained its leading position in P2P Bitcoin trading volume on the continent. Simultaneously, Kenya and Ghana demonstrated substantial growth, surpassing South Africa in trading activity during the same period. This evolution highlights the growing adoption of Bitcoin across the continent, particularly within the tech-savvy populations of these nations.
Shifting Dynamics in Bitcoin Trading Volumes
During Q1 2021, Nigeria led the way with a P2P Bitcoin trading value of $99.1 million, significantly ahead of Kenya’s $38.4 million. Ghana and South Africa followed with $27.4 million and $25.8 million, respectively, rounding out the top four. This represented a notable change from 2020 when South Africa trailed only Nigeria in Bitcoin trading volume. In 2020, Nigeria recorded a record $309.6 million in P2P Bitcoin trades, significantly ahead of South Africa’s $98.4 million and Kenya’s $92.4 million. The first-quarter 2021 figures demonstrated that while Nigeria solidified its leadership, Kenya and Ghana had overtaken South Africa in terms of trading volume.
The growth in P2P Bitcoin trading in Kenya and Ghana signals increasing adoption within their economies and showcases the potential of cryptocurrencies in African markets. This development indicates a dynamic and evolving cryptocurrency landscape on the African continent, reflecting the growing digital literacy and embracing of new financial technologies across several nations.
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