El Salvador tops Bitcoin-interest charts as Brazil overtakes Nigeria
In Nigeria, stablecoins have become the favored cryptocurrency because they’re tied to a widely accepted asset, the U.S. dollar, providing a hedge against inflation and the devaluation of the naira.
Brazil has knocked Nigeria, Africa’s largest economy, off its second-place perch on the interest-in-Bitcoin rankings. El Salvador has retained its position in the top spot, Brazil is next in line, and Nigeria is in third place, data from Google Trends shows.
The data suggests that as Bitcoin popularity expands in Brazil, Latin America’s most populous country, Nigerian crypto users are increasingly favoring USDT stablecoin over Bitcoin. In 2022, El Salvador held the top spot, Nigeria occupied second place and Brazil was in third place.
El Salvador has retained its top spot in Bitcoin interest as the country's commitment to Bitcoin solidifies. On Dec. 7, the El Salvador government, in partnership with stablecoin issuer Tether, launched the Freedom Visa - a citizenship-by-donation program that grants residency and a pathway to citizenship for 1,000 people willing to put down a $1 million Bitcoin (BTC) or Tether (USDT) donation toward the country.
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