According to research by Arcane, Kenya Bitcoin trading has hit a milestone of 100BTC on the weekly volume chart of Paxful exchange. This adds up as a pointer to Jack Dorsey’s comment when he visited Africa last year and said that Africa would shape Bitcoin’s future.
(1/5) Peer-to-Peer #bitcoin trading in Kenya is growing rapidly, and reached a milestone of 100 BTC in weekly volume on @Paxful last week.
👇A thread 👇(Data from @Coin_Dance) pic.twitter.com/ZJRMHvM0Me
— K33 Research (@K33Research) April 15, 2020
According to Arcane research, the Kenya Bitcoin trading data reflects that amidst the global economic recess owing to the coronavirus pandemic, crypto enthusiasts in the country still have their eyes fixated on the Bitcoin market.
The country’s peer to peer (P2P) volume also hiked by 190% calculated in USD as the average weekly volume in the country rose beyond $1million since last year.
(4/5) Since the beginning of 2019, the P2P #bitcoin volume in Kenya has increased 190% measured in USD, and is now above $1 million in weekly volume. pic.twitter.com/91apoOkLEK
— K33 Research (@K33Research) April 15, 2020
Although comparing these numbers to the US, the UK where Bitcoin is becoming a force to reckon with, they are minute, but then, if activities continue on the P2P network, it matters more than the size of the trading volume.
Apart from Kenya Bitcoin trading and other crypto activities in the country, Kenya proposed a blockchain and artificial intelligence task force for a CBDC two years ago. However, there has not been any real development about CBDC since then.
Amidst Kenya Bitcoin trading, crypto activity in the rest of Africa
Citigroup Inc.’s report last year showed that countries across the globe recorded high per capita Bitcoin holding. In the report, a list of eight countries was drawn with Kenya featuring while the US was omitted. Russia, the UK, Colombia, Ukraine, and New Zealand where listed with Nigeria, South Africa, and Kenya from Africa.
Africa’s crypto involvement currently remains a growing flower with expectations that it’d rise in few years to come. Africa has also been on the frontline regarding Blockchain tech as Sierra Leone marked the first in Africa to create a digital national identification system in August last year that is Blockchain enabled.
