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June 15, 2021
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Bitcoin

Nigeria has just received its first Bitcoin ATM

Installing AMT in Nigeria is of utmost importance, especially given the interest of Nigerians in Bitcoin

Second information from Block News Africa, Nigeria will now become the eighth country on the African continent to receive a Bitcoin ATM. The machine will be installed in the city of Lagos, the largest and most developed in the country.

If we carefully analyze the relevance of BTC to the country, it is even difficult to understand why a Bitcoin ATM is just being installed in Nigeria.

To give you an idea, this is the country with the highest Bitcoin research engagement (according to Dice of Google Trends worldwide in the last 12 months, as shown in the image below.

And if that still wasn’t enough, if we look at the same list, but this time with a 5-year time filter … again Nigeria in 1st place:

nigeria bitcoin google trends

Such interest greatly reinforces the idea that Bitcoin can be better used by underdeveloped and developing countries, especially those located in Africa and the Americas.

The image above illustrates this very well when it shows that of the five countries with the highest engagement of Bitcoin searches on Google Trends, three are from the African continent. In this sense, it is quite plausible to think of Africa as a great opportunity for mass adoption for Bitcoin and other cryptocurrencies.

Blockstale BTM

Block News Africa also reported that the ATM installation was carried out by the company Blockstale BTM, which according to information from its CEO, plans to install at least 30 other terminals across the country by the end of the year:

“Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians are Africa’s biggest crypto traders,” said Daniel Adekunle, CEO and founder of Blockstale.

The new ATM adds to the other 14 installed in 7 countries across the continent: 7 Bitcoin ATMs in South Africa, 2 in Ghana and 1 in Kenya, Botswana, Zimbabwe, Djibouti and Uganda.

Because of its territorial and population size, in addition to being Africa’s largest economy, Nigeria cannot be overlooked as a possible powerhouse for Bitcoin. A place where mass adoption may not only be possible, but facilitated by existing conditions.

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