Nigeria, Africa's largest economy, ranked number one for 'countries that use cryptocurrencies the most'. This was while the country plunged deep into a recession in 2020.

In fact, the trade volume of Bitcoin in Nigeria from 2020 reached 400 million U.S. dollars, which is just 20 million below Russia’s 420 million. Sadly, the sub-Saharan African country’s government clamped down on cryptocurrency exchanges, with an indefinite ban on cryptocurrency exchange operations across the country.

Also, in another exciting state, Kenya was ranked the 5th nation in the world with the most cryptocurrency adoption from 2020. In that ranking, Kenya came right behind China and ahead of the United States. South Africa also came 7th on the list.

Beyond Africa, cryptocurrency adoption and trade volume has been relatively bullish in parts of the world with oppressive economic regimes reign, which leaves the people from those parts of the world in doubt of their economy. Many believe this to be a big motivating factor in the growth of cryptocurrency in places like Africa and even Latin America.

For instance, in another analysis of Nigeria’s Crypto phenomenon, high cost in transactions, along with a huge arbitrage in diaspora remittances, all account for the country’s switch to cryptocurrency.