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CDS Crypto News El Salvador Leads Bitcoin Interest, Brazil Overtakes Nigeria

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El Salvador Leads Bitcoin Interest, Brazil Overtakes Nigeria

In Nigeria, stablecoins are the preferred cryptocurrency due to their ties to the widely accepted U.S. dollar, offering a safeguard against inflation and the devaluation of the naira.

sevval21/12/20231 Mins read406

El Salvador Leads Bitcoin Interest, Brazil Overtakes Nigeria

Brazil has surpassed Nigeria in Bitcoin interest, with El Salvador maintaining its top position, according to Google Trends data. The shift suggests growing Bitcoin popularity in Brazil, while Nigerian crypto users show a preference for USDT stablecoin over Bitcoin.

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El Salvador Leads Bitcoin Interest, Brazil Overtakes Nigeria

In 2022, El Salvador led, Nigeria was second, and Brazil third. El Salvador remains at the forefront, reinforcing its commitment to Bitcoin with the recent launch of the Freedom Visa program. This initiative, in collaboration with Tether, offers residency and citizenship for a $1 million Bitcoin or USDT donation. In parallel, Brazil’s largest private bank, Itau Unibanco, entered the cryptocurrency arena, starting with Bitcoin and Ether trading in December, following regulatory changes in Latin America.

El Salvador Dominates Bitcoin Enthusiasm, Surpassing Nigeria; Brazil Takes the Lead in Interest Rankings

On December 12, Brazilian President Luiz Inacio Lula da Silva signed a law taxing crypto assets held abroad by Brazilian citizens. Meanwhile, in Nigeria, stablecoins, tied to the U.S. dollar, have become the preferred cryptocurrency. This preference stems from their association with a widely accepted asset, providing a hedge against inflation and naira devaluation.

Stablecoins not only offer financial security amid market fluctuations but also present lucrative opportunities. The 2023 Geography of Cryptocurrency Report by Chainalysis reveals a substantial increase in peer-to-peer trading rates of the naira against USDT, more than doubling the initial rate.

Sources:cointelegraph

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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