Brazil has overtaken Nigeria and become the second-largest country with an interest in Bitcoin after El Salvador, according to Google Trends data.
The Google Trends Explore dashboard shows that Brazil has surpassed Africa’s largest economy and secured the second spot among the countries with a keen interest in Bitcoin. El Salvador has remained in the top position, which it has held for the past year.
The potential reason behind Brazilian citizen’s increased interest in Bitcoin is recent developments around cryptocurrency. As such, Brazil’s largest private bank, Itau Unibanco, announced earlier this month that it is now offering a crypto trading service. The recent regulation changes in Latin America have also contributed to the region’s Bitcoin interest.
Nigerian crypto users have recently turned to USDT from Bitcoin as stablecoins are widely accepted in the form of USD currency and provide a hedge against inflation as well as helping strengthen the country’s currency naira.
The South American El Salvador has remained at its leading position with the most interest in Bitcoin. Under the leadership of Bitcoin maxi Nayib Bukele, El Salvador has stood up to its commitment to being a Bitcoin-friendly nation by announcing major Bitcoin-related developments and initiatives.
In a recent development, it launched a Bitcoin residency program in which the government was offering residency to those who were willing to invest $1 million in Bitcoin or USDT from the country.
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