Nigeria is no longer at the top of the list of countries with the highest interest in bitcoin. The country fell to the second position with a score of 61, while El Salvador took charge with a perfect score of 100. The drop is partly due to the Central bank’s resolve in curbing bitcoin’s grip on Nigeria.
Due to CBN’s clampdown, Crypto experts have argued that Nigeria is exposing its crypto traders to more risks by pushing them out of the banking system and excluding them from the global market which offers unparalleled returns and relative currency stability.
Nigerians are primarily interested in bitcoin because unlike traditional payment methods it takes less effort and cost lower in transaction fees.
On the other hand, El Salvador’s growing interest is partly due to its government’s support of bitcoin, which has become a legal tender in the country. The Central American country also plans to build the world’s first bitcoin city financed with Bitcoin-backed bonds according to President Nayib Bukele.