Kenya in Top 5 in the World of Bitcoin
Kenya is now ranked among the top 5 in the world for the adoption of Bitcoin per capita. This doesn’t come as a surprise as Kenyans are very adept at new technology. Case in point Mpesa.
This is according to Chainalysis that looks at country-level breakdown of crypto activity.
The listing was based on an analysis of millions of transactions, including vetted data from experts in each of the geographic regions covered across 154 countries.
Our index is meant to show which countries are leading the way toward that eventuality.
To do this, we weighted our index formula to measure cryptocurrency activity while also accounting for each country’s population and economy size. The intention is to highlight the countries where the most residents have moved the biggest share of their financial activity to cryptocurrencyChainalysis
According to Chainalysis, the research revealed 3 important things:
- Crypto is global – Out of the 154 countries analyzed, only 12 had so little crypto activity to be given an index score of 0
- Developing nations high grassroots crypto activity – Most of the people who use crypto in developing nations is to mitigate economic instability
- P2P platforms are essential to crypto adoption in Africa – All top 4 countries for P2P crypto activity are in developing nations due to fewer regulatory hurdles and a lack of custody services.
Among the African countries with little crypto activity include:
The report also reveals that Africa makes up the largest share of retail crypto volumes of transfers under $10, 000 than any region globally. A significant share of these transactions is taking place between Africa and East Asia, particularly for business purposes.
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