Nigeria retained its number one position on Google as the region with the most search for Bitcoin in 2019. The country also had the spot in 2018.
Nigeria shared the top five positions with South Africa, Austria, Switzerland, and Ghana. A report conducted by Luno in 2019, a global exchange with presence in Nigeria, on awareness of the cryptocurrency in Nigeria also found that Nigerians were more knowledgeable about the cryptocurrency than they were in previous years.
Nigeria made the most search for bitcoin between June 23 and 29 when the price of the cryptocurrency rose above $12,900 for the first time in over 17 months backed by consistent levels of volume. On June 26, Bitcoin broke out from a bullish pattern, rising in quick succession above $12,000 on strong momentum and high volatility.
The interest in Bitcoin dropped between July and August but picked up again in September this time below the June levels. Although the price dropped to $8350 in September, it was still about 2.5 times its 2019 low of $3,360, also set in February. It later broke the $10,000 level representing the highest closing price in 6 days.
Ekiti, Delta, Ondo, Edo and Osun states were the top five Nigerian states with the most searches. Interestingly, Lagos did not make the top ten states. The rest states include Ogun, Enugu, Bayelsa, Anambra, and Oyo.
However, data from coin.dance showed that by 28 December 2019 the volume of transactions on the LocalBitcoin exchange was in the red zone dropping to N477 million, indicating that awareness has not translated to demand.
The Nigerian government is expected to take decisive steps towards regulating the cryptocurrency market in the country in 2020.
