I doubt that this is the case especially for the countries given in the illustration. For example in India Bitcoin is not recognized as some kind of legal tender and is only allowed to be traded in exchanges and P2P so you can rule them out of being one of the countries that is going to the adoption. For the other countries mentioned they are still a developing country and I have not seen any major news regarding them having some kind of adoption to crypto nor any commercial companies taking a step forward on accepting them so no I don't think this is a sign of adoption happening but I think we can consider this as people are getting more and more aware of Bitcoin as an investment opportunity rather as some kind of  mode of payment. 

As we can see from the OP chart, the highest volume was in Indian and Nigerian using P2P exchange because those countries' Bitcoin/Cryptocurrencies have restrictions upon using it, they were banned Bitcoin. That's why it might the reason for increasing volume usage on this exchange.

Look at the Philippines, (my country) since our government has a neutral treat of cryptocurrencies and Bitcoin usage, people have a choice to trade in a centralized exchange since it is allowed to operate here in my country.

Good to see that there is an ATH on this exchange and I think the only solution of continued scamming CEX exchange.

Even if this does not represent growth of bitcoin as a whole, I welcome any and all growth in the peer-to-peer space. It means more and more people are getting fed up with centralized exchanges invading their privacy and stealing their coins. The sooner we move away from relying on these exchanges, who are more and more turning themselves in to "crypto banks", the better.

Not necessarily. All it means is that there was more being traded in the past than right now. Perhaps more people are buying and holding for the future rather than trading. Perhaps more people are using their bitcoin directly for other goods or services rather than trading. Perhaps the bitcoin ecosystem is growing and allowing people to stay in bitcoin, buy things in bitcoin, spend bitcoin, without having to convert back and forth on an exchange.

By any means of transactions using Bitcoin, If it's continuing to increase, then that means Bitcoin adoption globally is increasing as well.
Increase in volume for P2P transactions means people are gradually using and considering Bitcoin as a currency. It would always be great if people is actually using Bitcoin to pay for something or a service. I know there were few major factors to consider why it isn't always good to use Bitcoin to pay for something and volatility will be the main reason, but at least we should try to use it once in a while.

This is amazing to see and adoption will definitely be going up even more. It's also great to see people doing more P2P trades where they can avoid being taxed by governments.

This shows to me,that people in the third world countries are becoming desperate and looking for a financial alternative.Just because BTC P2P trading volume has reached ATH in countries like Philippines,Nigeria,India,Ghana and South Africa,that doesn't mean that Bitcoin will reach it's new ATH soon.
We need countries like USA,UK and Japan to join this trend of achieving All-Time-Highs in their BTC trading volume,in order to pump the Bitcoin price.

Government's newest restrictions on crypto (maybe), better awareness on advantages of CEX, try to not submit identity documents for KYCs on DEX, just one of potential reasons.

I'd prefer to move further and mention about payment methods that are important to attract new users on CEX or P2P markeplaces. Paxful, ie. has 300+ payment methods for their users and recent months, the platform has been upgraded a lot. They have huge trading volume in giftcard payment method. Furthermore, promotions and advertisements are other factors that help them to attract new users, expand to new nations and increase their total trading volume.


We are talking about bitcoin adoption and it is not only related to bitcoin adoption (buy BTC, trade it, hold it), it needs other payment methods to help it invades deeper in lives. P2P marketplaces help people to get it well.

The pandemic can have its impact somewhat. People have to work at home, online more than before the pandemic. It in turn possibly triggered more people to work online and consider make-money-online as their main job or temporary part-time job. P2P marketplaces meet their demands in the pandemic.

that is part of the allure. when the government of a country has not yet accepted something that other countries have accepted, that thing could become popular. specially when it is something like bitcoin that has been performing very well over the years and people would start feeling like they are missing out. as the result P2P trades increase.

I don't know about other countries but that doesn't seem to be the case here in the Philippines. In June 12, 2020 (our National Independence Day too), Binance announced its support of the Philippine Peso for peer-to-peer trading. That's probably the reason why the increase in volume in our case.

Prior to that, most bitcoin trades are done on centralized platforms which is almost monopolized by coinsph. The better rates offered in Binance P2P and the ease of doing trades is encouraging.