In Nigeria, Bitcoin searches hit an all-time high in July 2019, With Ekiti Leading with a Subregion Score of 100, Followed by Delta with a Score of 94, Ondo with 78 and Osun with 68.
In South Africa, the trend has been rising over time. In November 2018 bitcoin searches in the country were slightly above a score of 50 out of 100. Bitcoin searches peaked in July 2019, obtaining a score of 100. The leading sub-regions include Free State with a subregion score of 100, Eastern Cape 98, Limpopo 98, Mpumalanga 95, and KwaZulu-Natal with 95.
Inflation Is among the factors contributing to increased Bitcoin searches in Nigeria and South Africa. The two African countries are well known technological hotspots in the region and the world with many world-class technological start-ups and global financial services providers. This could be one of the factors boosting Bitcoin searches as more people are looking into global alternative methods of banking.
The two countries are among other countries in Africa that have recently undergone financial and political reforms that have led to the devaluation of the national currency. Businesses and individuals are looking to migrate into a more stable option as well as stay at par with changing global currency trends.
The two counties are also illegal drug trafficking hotspots, with a lot of notorious drug cartels and drug lords, who might be looking to launder money untraceable from the reach of local authorities. An Increase bitcoin activity in these two countries could be an indication that more illegal cash is likely to be pumped into Africa.
Advancing Africa with Blockchain Technology
As blockchain ushers the fourth industrial revolution in the world Africa has been keen to get into the action. Interest has peaked all over African, with countries like Nigeria, South Africa and Ghana being in the top 10 global cryptocurrency search interests.
Africa would benefit from blockchain technology and cryptocurrency to counteract many problems facing African countries today, such as infrastructural development, corruption, inaccessibility to banking services, and frequent inflations.
Through private partnerships, blockchain technology is being used to revolutionize Africa in areas such as transpiration and integration in learning institutions as a course.
Using Cryptocurrency to Bank More Africans
Cryptocurrency would play a significant role in Africa with an approach that does not have to go through corrupt governments and financial institutions with rigid payment systems, poor banking infrastructure, and high transaction costs.
Cryptocurrencies will boost cross-border payments for close to 20 million Africans and provide simple utility payment options. Cryptocurrency will also offer cheap financial services alternative to the unbanked population in Africa by the use of mobile phone services.