Kenya | 2021

Cryptocurrency adoption in Kenya in 2021

8.5

%

of Kenyans
own cryptocurrency

How many cryptocurrencies owners in Kenya?

It is estimated that over 4.5 million people, 8.5% of Kenya’s total population, currently own cryptocurrency.

Kenya - Africa’s potential cryptocurrencies hub?

Kenya is ranked first globally for peer-to-peer cryptocurrency trading volume and fifth worldwide for total cryptocurrency activity.

Kenya is the leading African country amongst 10 countries globally in terms of cryptocurrency holdings and blockchain- related transactions. As of January 2018, Kenya’s Bitcoin holding represented over 2% of the country’s Gross Domestic Product (GDP), a substantial percentage given that 10 countries have a comparable level of GDP invested in cryptocurrencies.

How do Kenyans view cryptocurrencies?

Kenya is the top Bitcoin maximalist country globally, topping bitcoin search interest at 94.7%. Kenya also ranks within the top ten worldwide on the topic of “cryptocurrency” on Google.

Cryptocurrencies's rising popularity in Kenya

  • Star: Why is Crpytocurrency popular among Kenyans – April 2021
    Cryptocurrency in Africa has picked a lot of steam in the last few years. From Zimbabwe, Nigeria, Botswana, Ghana to the largest yet struggling part of Africa-Kenya. It is not surprising to know how Kenyans have made whopping profits out of cryptocurrency trading without migrating to any other country.

  • Finsmes: Why is Cryptocurrencies Adoption Growing in Africa? – April 2021
    Reuters in September 2020 reported that cryptocurrency transfers reached a peak of USD 316 million last June. Three countries that account for most of the transactions are Nigeria, South Africa, and Kenya. What is unique is cryptocurrencies for commercial transactions, unlike other parts of the world, where cryptocurrencies are used mainly for financial trading.

  • InternationalFinance: Kenya plans to switch its base currency to bitcoin – February 2021
    The Central Bank of Kenya has made a decision to switch to bitcoin as a reserve currency. The apex bank’s decision comes from its efforts to resolve the growing financial problem in the country, media reports said. Central Bank Governor Patrick Njoroge said that the decision was taken after considering a host of factors such as shortage of foreign currency reserves and increase in velocity of money. In addition, transition to the use of bitcoin as a reserve currency could also protect the country from exploitative loans that could hurt its sovereignty.

  • Coingeek: Kenya’s central bank exploring Central Bank Digital Currency… – October 2020
    The Central Bank has started discussions with international central banks to explore entering the cryptocurrency space.

  • Bitcoinke: Kenya invites blockchain experts to grow digital economy… – September 2020
    The Kenyan government aims to develop a formula to tap into the global digital economy.

  • Nation.africa: Cryptocurrencies solutions platform for Kenya despite hurdles… – July 2020
    Interest in cryptocurrency trade has been rising in Kenya’s Silicon Savannah that now see it as the future of value exchange.

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