Search for “Bitcoin” Growing in Africa and Middle East – Binance Research

Per recent research by Binance research, search trends of Bitcoin have shifted from West to East and most recently to Africa. 

Rising Crypto Adoption in Africa and the Middle East

Binance Research has noted significant changes in the heat ranking of “Bitcoin” #BTC in Google search by each Country/Region from Jan 2011 to the present date. 

Visualized changes in heat ranking of “Bitcoin” #BTC in Google search by each Country/Region from Jan 2011 to today.

Noticeably, relative search trends of “Bitcoin” within each country have shifted from West to East, and most recently, Africa. pic.twitter.com/9Gxx2CGJwr

— Binance Research (@BinanceResearch) September 26, 2019

 OKEx Ventures into Africa

Interestingly, OKex, second-largest exchange by trade volume, is hosting events across Africa to mark its entry into the continent. It seems that Africa is now a major focus for the exchange with company leaders hosting a series of meetups this month in African cities. The cities include Lagos, Cape Town, and Accra. The exchange has further planned events for Nairobi, Kenya and Osogbo, Nigeria. The exchange said, 

 “Our goal at OKEx is to usher in a new era of cryptocurrency adoption in Africa, and we’ll do this by providing a level of approachability and professionalism that thus far has not been delivered in this ecosystem.”

OKEx’s initiative can be one of the major reasons for the shift in search trends.

Recently, Major South African crypto exchange Luno reached a milestone of three million wallets across 40 countries on its platform. The exchange further recorded a trading volume of more than $5 million a day in August 2019. 

Further, Paxful has recently spread its wings in the Kenyan and broader and Eastern African regions. The firm recently launched a mobile wallet app to facilitate ease of Bitcoin transactions in Kenya.

The mobile app will allow users to send and receive bitcoin via their own private Paxful wallets. This move will bring users and global commerce closer and further bolster local and global crypto payments.

Dubai & UAE on A Crypto “High”

Undoubtedly, the crypto train is on a globetrotting spree and has left no stone unturned to influence people from all walks of life. Considering the case of the middle east, UAE and Dubai are at the forefront of crypto adoption. UAE solely reports transactions worth $210 Million in cryptos, leaving the UK and the USA behind. 

The enthusiasm for the cryptocurrency and blockchain technology in this Arab Nation was at its prime at the “2019 Lendit Fintech USA” event where a detailed and comprehensive framework for the Fintech firms to enter into new markets was presented by Dubai International Financial Centre (DIFC).

Further, DIFC also worked on a project to bring a whitepaper on the state of cryptocurrency adoption in the country. The paper further divulges information on available opportunities for various financial technology firms in the UAE and adjoining countries. The white paper was presented at the conference where it received much applause. 

Bitcoin VS BTC Searches

Also, per a recent report by Kryptografen, there has been a surprising revelation around the searches for Bitcoin and its ticker symbol, BTC. Most recently, the search for the term BTC was said to have significantly outperformed its counterpart, Bitcoin. 

Source- Blockchain.com

Google trend analysis shows that searches for BTC suddenly towered above those of Bitcoin at a time that Bitcoin price was simultaneously experiencing an instantaneous boost. As per the report, this sudden energetic move seems highly manipulative going by records of such search intensities and corresponding price turn around.

The report strongly suggested that this change of events might have originated from Romania and seems to be an instrument used to instigate price surges which take place simultaneously.

How much longer will the crypto train to traverse the whole globe and leave a lasting impact? Let us know, what you think?

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