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Nigeria Emerges Second Bitcoin Trader With $566 million

Bitcoin Falls for Second Straight Day After Elon Musk's Action

Paxful‘s database has revealed Nigeria as one of the world’s leading bitcoin-trading countries. Nigeria, Africa’s biggest economy, has traded bitcoins worth more than $566m between 2015-2020, making them the second biggest Bitcoin nation in the world and the biggest bitcoin trader in Africa.

Nigeria has traded more bitcoins than any other country worldwide (60,215 BTC). Only the US has traded more bitcoins (535,660 BTC).

2020 saw more bitcoin trading in Nigeria than ever before, with a bitcoin trade worth $213,719,383.

There has been a steady increase in traded bitcoins from January 2020 to August 2020, with July seeing an all-year high in trading (2,664.8 BTC).

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Nigeria is one of the leading bitcoin-trading countries in the world

Nigeria has traded bitcoin worth more than almost any other country ($566,668,692), beating the likes of other key bitcoin nations such as China, the UK and India. Only the US has traded for a higher amount ($3,755,463,837).

Volume (USD)Volume (BTC)
RankingCountryVolume USDRankingCountryVolume BTC
1USA$3,755,463,8371USA535,660
2Nigeria$566,668,6922Nigeria60,215
3China$181,329,3923China20,553
4Canada$131,108,7214Canada15,367
5UK$119,440,2785UK11,169
6India$94,794,9486India10,017
7Australia$75,643,9057Australia7,050
8Kenya$55,292,9428Kenya5,895
9Philippines$22,733,6499Vietnam3,323
10South Africa$18,935,81210Philippines2,121

Nigeria; Africa’s Highest Bitcoin Trader

Nigeria has traded 10 times higher than Kenya and (Nigeria) has recorded 60,215 bitcoins trades which is the highest in Africa.

Volume (USD)Volume (BTC)
RankingCountryVolume USDRankingCountryVolume BTC
1Nigeria$566,668,6921Nigeria60,215
2Kenya$55,292,9422Kenya5,895
3South Africa$18,935,8123South Africa1,802
4Morocco$2,062,0624Morocco306
5Tanzania$164,4615Tanzania16

More bitcoins were traded in 2020 than before in Nigeria

Even though the year including the pandemic is not over, 2020 has seen more bitcoin trading in Nigeria than ever before, with 20,504.50 BTC being traded – this is a 20% increase from 2019.

The bitcoin trading industry in Nigeria was worth $213,719,383 in this year alone, which marks an increase of 102% from 2019.

YearVolume USDIncrease YoYVolume BTCIncrease YoY
2017$65,299,758NA8,324NA
2018$181,588,262178%14,30272%
2019$106,061,289-42%17,084.2019%
2020 (January 1- November 14)$213,719,383102%20,504.5020%

Bitcoin trading increased in Nigeria during the peak of the COVID-19 pandemic

There has been an increase in bitcoin trading in the year 2020 from January to July, with July seeing an all-year high in trading (2,664.8 BTC). 

Nigeria saw its highest increase of traded bitcoins during the lockdown months, with 30.8% more bitcoins being traded in May than in April. 

August witnessed the highest volume of USD trading ($30m). 

The volume of bitcoins and USD have decreased since August, with October being the month with the least total trades of bitcoins since January.

MonthVolume USDVolume BTC
January$10,820,5531,463.5
February$15,242,6581,745.8
March$11,586,7831,752.5
April$13,112,6501,813.8
May$23,952,9722,372.4
June$27,556,9082,602.1
July$28,407,2732,664.8
August$30,984,8462,275.4
September$21,360,4871,722.1
October$21,993,7551,609
November (1 November – 14th November)$8,700,499483.2

About Author

Aina Adepeju is a Mass Communication graduate. She loves photography, she is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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