LocalBitcoins has revealed that Bitcoin usage is skyrocketing in Kenya with volumes of above 100 million Kenya Shillings (KES) each week being traded on the platform.
On average, about $920, 000 is being traded regularly each week on the platform with MPESA and PesaLink being the most popular payment methods.
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Below are some stats from the report:
- Kenya Shilling (KES) has lost 45% of its value since 2008
- The KES has lost 10% of its value since 2020
- LocalBitcoins saw 80% more signups in 2020 compared to 2019
- As of February 2021, active traders on LocalBitcoins stood at over 17,000
- MPESA and PesaLink are the most common payment methods
- 70% of Kenyan users on LocalBitcoins are under the age of 34
- Remittance payments contributed greatly to the use of LocalBitcoins
- Average weekly trading volumes in Kenya stands at above KES 100 million ( $918, 000)
- The second week of January 2021 saw an all-time high of over KES 150 million ($1.3 million) worth of bitcoins traded on LocalBitcoins
Speaking about these major milestones, Vladislav Alimpiev, the Head of Business Development, LocalBitcoins, said:
“The record trading volume in Kenya was achieved during the second week of January 2021 when as much as KES 150 million worth of bitcoin was traded on our platform, which amounts to $1.3 million.
$1.3 million puts Kenya in the top echelon of the countries on LocalBitcoins by trading volume. Only a handful of countries have ever broken that $1 million a week barrier.”
– Head of Business Development, LocalBitcoins
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RECOMMENDED READING: [WATCH] How to Buy Bitcoins in Kenya Using MPESA on Bitzlato
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