Kenya ranked 4th globally in cryptocurrency interest


Kenya ranked 4th globally in cryptocurrency interest
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

In Summary

  • The research shows crypto searches originating from Kenya in the last 12 months totaled to 99,810 or an equivalent 18 searches for every 10,000 persons.
  • Meanwhile the number of crypto owners in Kenya is estimated at 4.6 million (4,580,760).
  • In Kenya, cryptos are synonymous with Bitcoin, the world’s most largest and valued cryptocurrency on the set.

Kenya has the fourth highest interest in cryptocurrency according to new research by crypto brokerage BrokerChooser.

The new research is based on an analysis of top global searches over the last 12 months for cryptocurrency-related searches.

The survey also tackled the number of crypto owners and the global crypto adoption index.

Kenya’s ranking is only behind Ukraine, Russia and the United States which topped the charts with the highest crypto awareness scores.

Other top 10 chatters on the list (ordered by ranking) include South Africa, the United Kingdom, India, Nigeria, Australia and Singapore.

Kenya’s awareness score is tabulated at 5.5 points out of a possible 10.

The research shows crypto searches originating from Kenya in the last 12 months totaled to 99,810 or an equivalent 18 searches for every 10,000 persons.

Meanwhile the number of crypto owners in Kenya is estimated at 4.6 million (4,580,760).

Cryptocurrencies refers to a form of a digital asset based on a network that is distributed across a large number of computers.

The decentralized nature of the assets allows cryptos to exist outside government control or any other central authority.

In Kenya, cryptos are synonymous with Bitcoin, the world’s most largest and valued cryptocurrency on the set.

According to online crypto marketplace Coinlore, there are about 6283 crypto coins available and 17,476 market.

The crpto market cap/total value of available coins is estimated at $2.4 trillion (Ksh.265.7 trillion).

The price of Bitcoin as of Monday morning sat at just over $56,600 (Ksh.6.3 million).
Other top cryptos by market capitalization include Ethereum, Cardano, Binance Coin, Tether, XRP, Solana, Polkadot, Dogecoin and USD Coin.

Trading in crypto is ‘not-illegal’ in Kenya but lacks the backing of government including the Central Bank of Kenya (CBK) which has reservations on the un-regulated market.

Across the globe, the status of cryptos is a mixed bag with countries such as El Salvador recently accepting Bitcoin as legal tender while Cuba says it will recognize and regulate the market.

On the flip-side, China has totally banned cryptocurrency transactions.

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