Bitcoin has been trending on the X app today. Also, Nigeria has surpassed El Salvador as the country with the most search interest for Bitcoin on Google.
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Bitcoin Trends on the X app in Nigeria with 421k Posts. Currently, #bitcoin is the top trend in the country due to the recent rate hike in the FX market for Dollar.
Moreover, Nigeria tops El Salvador as the country with the most Google search interest for #Bitcoin. The recent search interest for ‘Bitcoin’ in the country is probably due to the official inflation rate, which jumped to an 18-year high of 25.8% in August.
Read More: These Five Trends have Skyrocketed the Adoption of Bitcoin in Nigeria
The rate of inflation in the country has increased significantly majorly due to farmers deserting their farmlands because of the fear of Bandits, which has made it dangerous for farmers to risk their lives per Vanguard’s report.
Surprisingly, statistics forecasts the average inflation rate in Nigeria to continuously decrease between 2023 and 2028 by in total 6.1 percentage points. The average inflation rate is estimated to amount to 14 per cent in 2028.
Nevertheless, Bitcoin serves as a hedge against inflation, and Nigerians have already figured this out. With the rise in the rate of inflation, it is possible that the country may become home to numerous Bitcoin Citadels in the future.