Despite the grappling effects of the coronavirus pandemic, Kenya’s Bitcoin (BTC) trading volumes skyrocketed by 472 percent in 2020 to stand at $45.95 million (Ksh 5.1 billion). This move made Kenya the second-biggest Bitcoin trader on African soil after Nigeria, which traded $568.9 million (Ksh 63.15 billion).
Cryptocurrencies step in as financial alternatives
Kenya, South African, and Nigeria are crafting a name for themselves as African nations leading the pack in Bitcoin trading, according to crypto trading platform Paxful. South Africa came third at $18.9 million and Morocco fourth at $2.07 million.
As per the announcement:
“In 2020, despite the pandemic, there was more Bitcoin trading in Kenya than ever before, with a Bitcoin trade worth Ksh5.1 billion which marks an increase of 472 percent from 2019.”
The report also noted that Kenya traded 5,895 Bitcoins between 2015 and 2020, with August 2020 recording an all-time high (ATH) of 725.1 BTC.
Brian McCabe,…