Kenya has been ranked at number 5 when it comes to global cryptocurrency activity, a ranking by 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.
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. Africa is the second-largest region in P2P bitcoin traders globally
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.
A few months ago, an unrelated research paper indicated that interest in bitcoin is highest in Kenya globally, making it currently the most Bitcoin maximalist country globally.
The study also showed bitcoin search interest in Africa currently at 94.7% of all crypto searches. Below are the study results of the top most bitcoin maximalist countries globally:
- Kenya – 94.7%
- Brazil – 92.6%
- Chile – 89.8%
- Ecuador – 89.4%
- Nigeria – 89.4%
- South Africa – 89%
- Argentina – 87.7%
- Germany – 86.9%
- Morocco – 86.6%
- Poland – 86.4%
The report also includes a breakdown of crypto volumes in Africa as shown below:
- South Africa – Over $800 million
- Nigeria – Over $600 million
- Kenya – Over $400 million
NB: This blog is an excerpt from the Chainalysis 2020 Geography of Cryptocurrency Report. We will share the full report once it drops in September 2020
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