Kenya Becomes Second Largest Bitcoin Trader in Africa Amid the Pandemic

Vandana  |  Dec 15, 2020

Paxful, a crypto trading platform, has recently given an analysis of Bitcoin trading in Africa. It reveals that Kenya has now become the second-largest Bitcoin trader in Africa, as it has registered more than Sh 6 billion in transactions. This analysis is from 2015 to 2020, and the major increase has been seen in 2020 and during the COVID-19 pandemic. 

This year, Kenya has seen a huge rise in Bitcoin trading, which has not been seen ever before. In 2020, Kenya has recorded Bitcoin trades worth Sh 5.1 billion, which is 472 percent more than that what seen in 2019.

Kenya Traded 5,895 Bitcoins in 5 Years

In the five years i.e. from 2015 to 2020, Kenya has managed to trade 5,895 Bitcoins. Due to this, it has become one of the biggest Bitcoin traders in the world. Brian McCabe, Head of Market Insights at Paxful, has said:

“The recession caused by Covid-19 made people look for financial alternatives - earning income, moving money, etc., and saw crypto as an alternative.” 

When it comes to Bitcoin trading in Africa, Nigeria is at the top as it has traded Sh 63.15 billion in 2020. 

South Africa Is Third Largest Bitcoin Trader

South Africa is the third-largest Bitcoin trader all over the world with Sh 2.1 billion. However, Kenya beats both South Africa and the Philippines when it comes to Bitcoin trading in Africa. From January 2020 to August 2020, there has been a huge increase in Bitcoin trading. Kenya has seen the highest Bitcoin trading in August with a volume at Sh 969.153 million. The whole African continent is showing great interest in digital currencies, and there has been a major surge during the COVID-19 pandemic. The reason is that people were looking for alternatives to traditional money to deal with the crisis.

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