Kenya set to take cryptocurrencies to the next level

TL;DR Breakdown

• According to Luno general manager, Marius Reitz Kenya is extending their wings on crypto adoption.
• African countries are adopting crypto at a stunning rate.
• Cryptocurrency adoption in Africa grew by more than 1000% from mid-2020 to June 2021.

Marius Reitz, Luno’s general manager for Africa, believes that Kenya will boom in the cryptocurrency market this new year. Presently, about 10% of Kenya’s total population owns digital assets. The state is among the top 10 nations globally regarding blockchain transactions and crypto holdings.

Reitz made this prediction noting that crypto adoption in Africa is rising. He believes that the market began doing quite well last year. He adds that there has been a 1200% surge in the adoption of digital currencies in the continent. 

He said that Kenya had been doing well in P2P trading. He added that the country ranked as the world’s leader in volumes for the second consecutive year. Furthermore, the state is ranked fifth globally for total cryptocurrency activity.

Favorable regulatory climate

According to Reitz, the country’s crypto industry is tapping the market extensively. There have emerged firms that are creating blockchain-based solutions. Kenya is also considering its young generation to impact them with crypto knowledge. The country could likely lead East Africa in crypto adoption. 

Still, Reitz insisted that progress in the crypto industry will highly depend on the country’s regulations. If there is a favorable regulatory climate, then digital assets will thrive. They will possibly become a significant asset for big firms throughout Africa. Reitz says the continent is better positioned to adopt cryptocurrencies than other continents.

Crypto is gaining fame in Africa

Kenya’s Bitcoin holding illustrated about 3% of the country’s Gross Domestic Product (GDP) three years ago. This is a substantial percentage given that 10 countries have a comparable level of GDP invested in digital assets. The citizens view crypto very highly as the country is the top Bitcoin maximalist state worldwide. The state leads in bitcoin search interest at about 95%. Kenya also ranks within the top ten worldwide on the crypto topic.

Africa has picked a good pace in the last few years. Botswana, Ghana, Kenya, South Africa, Nigeria, and Zimbabwe are the major crypto countries. Kenyans have been thriving in the crypto industry without migrating to any other country.