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How Nigeria Became the Second-Largest Bitcoin P2P Market in the World
Mandy Williams
Nigeria
Nigeria is the world’s second-largest Bitcoin peer-to-peer market, according to recent information curated from CoinDance and published by Quartz.
Nigeria Follows The US
The data gathered from leading peer-to-peer bitcoin exchange Paxful between May 2015 and November 2020 shows that the United States ranks first with a total trading volume of 535,660 BTC ($3.76B) within the period.
Nigeria takes the second position with a total of 60,215 BTC ($5Π267M) traded within the last five years compared to third-place China with a volume of 20,553 BTC ($181M). This also makes Nigeria Africa’s largest Bitcoin market.
Bitcoin Trading Volumes-min
Bitcoin P2P Trading Volumes. Source: Quartz
How It All Started
Bitcoin started trending in Nigeria in 2016 because of the infamous MMM Ponzi scheme, which promised to pay investors 30% monthly return alongside other mouthwatering bonuses on fiat and bitcoin investments.
The scheme was launched in 2015 and described itself as a “mutual aid fund where ordinary people help each other,” mostly the unemployed in the country. According to reports, more than 2.5 million Nigerians were registered in the scheme by late 2016.
In 2017, its operators pulled an exit scam, leaving a great many in financial ruins and debts.
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