Nigerians Moved Over $40 Million Worth of Bitcoins in July 2021 on P2P Platforms

July 2021 saw users exchange a total volume of over $40.3 million. This represents significant growth on the $37.9 million traded in June 2021. This is the second straight month that combined volumes from both platforms have grown since faltering in May 2021.

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The latest statistics indicate that P2P (peer to peer) BTC trading continues go grow across Africa with Nigeria leading the way despite the on-going ban.

The month of July 2021 saw users exchange a total volume of $40.3 million.

This represents significant growth on the $37.9 million traded in June 2021. This is the second straight month that combined volumes from both platforms have grown since faltering in May 2021.

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SEE ALSOThe Reason Nigerians are So Crazy for Crypto

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This data does not take account of other trading platforms, including a major player like Binance. The increase is in contrast to the Nigerian government’s decision to “ban” cryptocurrencies in February 2021, even though the Central Bank of Nigeria later clarified that only banks were being prohibited from facilitating crypto transactions.

In the past, Paxful CEO, Ray Youssef, has said that the ‘young people of Nigeria have turned to bitcoin and using it with such efficacy that the government had to institute draconian means to slow it down, but they can’t.’

Across the continent, peer to peer numbers have also grown, particularly in markets like Kenya and Ghana.

Below are some stats:

  • Volumes involving the Kenyan Shilling (KES) climbed up to $14.5 million in July 2021 from $13.3 million in June 2021
  • Trades involving the Ghanaian Cedi (GHS) went up to $12.1 million in July 2021 from $11.2 million in June 2021

Globally, bitcoin activity has been on the rise in the last few weeks of July 2021, with the amount of bitcoin held on addresses storing between 100 and 10,000 BTC hitting 9.23 million for the first time ever.

These accounts have accumulated approximately 170,000 BTC in the last month alone, with analysts indicating the last time similar amounts were amassed was right before a massive bull run in early 2021.

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RECOMMENDED READING: [WATCH] We’re Starting 2 Offices in Nigeria – Our Work Has Just Only Began, Says CEO, Paxful

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