An analysis of bitcoin trading platform Paxful’s database has revealed the world’s leading bitcoin-trading countries. Kenya has traded bitcoins worth more than Ksh 6 billion between 2015-2020, making them the second biggest Bitcoin nation in Africa.
Kenya has traded bitcoins worth a total amount of Ksh6.162 billion between 2015-2020. In Africa, only Nigeria had traded for a higher amount (Ksh63.154 billion).
Kenya has traded a total of 5,895 bitcoins between 2015-2020. That is the second-highest amount of bitcoins traded in Africa.
2020 saw more bitcoin trading in Kenya than ever before, with a bitcoin trade worth Ksh5.103 billion.
There has been a steady increase in traded bitcoins from January 2020 to August 2020, with August seeing an all-year high in trading (725.1 BTC).
Kenya is one of the biggest bitcoin trading countries in the world, beating the likes of other key bitcoin nations such as the Philippines and South Africa.
Despite the pandemic and the fact that the year isn’t over, 2020 has seen more bitcoin trading in Kenya than ever before, with 4,524.7 BTC being traded – this is a 319% increase from 2019.
The bitcoin trading industry in Kenya was worth more than Ksh5 billion in this year alone, which marks an increase of 472% from 2019.
There has been an increase in bitcoin trading from January to August, with August seeing an all-year high in trading (725.1 BTC).
August witnessed the highest volume of KES trading (Ksh969.153 million).
According to Brian McCabe, Head of Market Insights of Paxful, the recession caused by COVID-19 made people look for financial alternatives – earning income, moving money, and saw crypto as an alternative.
“The problem for them is if the coronavirus continues to weaken their currencies and make the USD stronger, the money will continue to flow out of these economies and their relative debt will increase. If emerging currencies continue to experience pressure, bitcoin could once again become the alternative if people are unable to preserve wealth in their own currency,” says McCabe.