Kenya Ranks fourth in the Crypto Searches

  • As per recent news, it’s evident that Kenya has made a mark in the crypto industry, and stood fourth in the overall rankings, globally. The total number of crypto related searches in Kenya amounted to over 99,810, individually crossing the mark of 10,000
  • Despite this growing interest in cryptocurrencies among the Kenyan population, the authorities of the country, including the central bank, refused to acknowledge them
  • Kenya holds a large amount of bitcoin via its population, it is the most valuable cryptocurrency

As per recent news, it’s evident that Kenya has made a mark in the crypto industry, and stood fourth in the overall rankings, globally. The total number of crypto related searches in Kenya amounted to over 99,810, individually crossing the mark of 10,000. This reveals the fact that the countries East of Africa tend to have a greater level of interest in the digital currency market, unlike other countries, worldwide. Countries like Kenya, Nigeria, SA, etc show huge amounts of per capita interest in the market of crypto currencies, and that is evident from the amount of searches and the released rankings. The number of crypto owners in Kenya are exceptionally high, about 4,580,760, and the awareness related to cryptocurrencies is equally high in this part of the continent. 

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Despite this growing interest in cryptocurrencies among the Kenyan population, the authorities of the country, including the central bank, refused to acknowledge them . According to previous news, Kenya’s digital asset growth is being affected in a havoc manner due to this rejection, thus leading to uncertainty. As per studies, crypto searches from Kenya reached 99,810 in just the last twelve months. Cryptocurrencies are a type of digital asset that is built on a network that spans a huge number of computers. They can operate independent of government supervision or any other central authority, due to their decentralized type of market. 

Kenya holds a large amount of bitcoin via its population, it is the most valuable cryptocurrency. There are around 6283 crypto coins accessible, and 17,476 coins circulating in the market. The total value of the crypto market cap is amounted to a total of $2.4 trillion. As of Monday morning, the price of BTC was slightly past $56,600. ETH, Tether, XRP, Binance, Cardano, rank among the other cryptos that are owned by the country. Trading in crypto is not illegal in Kenya, but it lacks the official backing, specifically from the Central Bank, making it an unregulated sector. As El Salvador recently recognised BTC as legal, crypto is slowly making a stern position in the market. 

Source: https://www.thecoinrepublic.com/2021/10/13/kenya-ranks-fourth-in-the-crypto-searches/


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