Google Trends is a tool with which we can look up not only when searches for certain keywords surge and plunge but also in which countries these keywords were googled the most. This way we have a reliable way of telling in which countries interest in Bitcoin is the highest. We put a together a list of the Top 5 countries that are interested in Bitcoin right now.
It’s a bit unexpected to see a Western European country in the Top 5 list of countries interested in Bitcoin. Given that the financial infrastructure in many countries is far worse than in the Western world and that Bitcoin is used in many regions of the world, simply because it’s the only option you have. But if you are familiar with the history and culture of the Netherlands it comes as no surprise. The Netherlands are a nation that was built on trade and commerce and to this day the Dutch population has remained open to innovation and technological advancement, furthermore, the rate of shareholders in the Netherlands is significantly higher than in the neighboring country Germany.
Recently, the West African country has experienced one of the most severe recessions in its history. Relying heavily on its business with oil, Nigeria has suffered heavily from the oil price decline that occurred in 2014. Nigeria’s currency, the Naira, has more than halved compared to the USD since that time. Bitcoin is therefore seen as a safe haven and an investment opportunity. Also, Bitcoin is seen as a reliable alternative to the banking system that Nigerians have little trust in and it’s the cheapest alternative for Expat Nigerians that send money to their friends and family.
Ghana has currently one of the strongest growing economies in the world. It still relies very much on the agrarian sector, but the country still faces a lot of problems. The Ghanaian Cedi has plunged in its value a few years ago and has not recovered ever since. Furthermore, about 70% of Ghana’s population is unbanked, but nearly everyone has access to either a PC or a smartphone. Therefore, Bitcoin is the most accessible solution for Ghanaians for transferring money, especially as remittance costs are much cheaper using Bitcoin.
Slovenia made headlines this year for having the world’s first public bitcoin monument. It is a roundabout with the bitcoin symbol in the middle. It is situated in the city of Kranj that is home to several blockchain startups and the cryptocurrency exchange Bitstamp. The well-known exchange helps to promote Bitcoin and other cryptocurrencies in Slovenia. As typical for many ex-Eastern Block states, Slovenia has a comparably low GDP rate. Bitcoin is seen here as an opportunity to leave the socialist era behind and to renew Slovenia’s economy.
1. South Africa
South Africa’s economy has been in a poor state for a while now. Currently, the unemployment rate sits at 26.7 %. But ever since Cyril Ramaphosa took office as the fifth South African president, the country is in turmoil. Ramaphosa’s land reforms aim to disown white farmers in South Africa without any form of compensation. Such drastic measures are always seen with scepticism by the business sector and international companies abstain to make major investments now in South Africa. The value of the South African Rand (ZAR) has nearly halved since 2010 and has become extremely volatile in 2018. In fear of the ZAR losing further value the interest in Bitcoin has recently surged and made South Africa the country where the interest in Bitcoin is the highest according to Google.