Kenya hasn’t been left out with the vast growth in the crypto market. It makes the list of the countries that can be tagged “Africa’s Silicon Valley” when it comes to cryptocurrency. Recently, research on a popular exchange platform, tells of Bitcoin transaction numbers to be $1.5 million. That spontaneously places it over the edge of most countries that trade Bitcoin.
What’s Behind Kenya’s Crypto Success?
“They,” say, “Behind every successful person, there’s a hand that was responsible for it.” The same can be said about the trading space in Kenya. Its currency success is made possible by tech-savvy brains that sit down to give it the best-advanced technology. Like several other countries in Africa, Kenya also suffers downturns and crises that call for solutions to save the country’s financial state. As such, cryptocurrency is a significant training point in the economy.
The Government’s Say about Crypto
Digital cryptocurrency is developing rapidly in Kenya- the fact that favors ambitious individuals, but not the government as much. Perhaps the low spirits are because such fast progression could cause excess coin flow as more people to venture into it. Subsequently, circulation of the local currency may suffer as many esteemed people would use it less.
Anyhow, that’s for another day. How about looking into the most common currencies used in Kenya?
#1. Bitcoin
Other coins like Dogecoin are nowhere near Bitcoin and how it is maximally used in Kenya. It began traditionally, and later on, big organizations started to keep up with the pace to invest for massive profits.
People have accepted and appreciated crypto power and its establishment in market capitalization.
The coin’s value is predicted to be high in a few years to come, considering that it tops other currencies. When investors fear losing their finances, they run to Bitcoin and get uplifted again and higher every time. Perhaps the treble in the government is because the national currency is under threat. The current BTC to KES rate is 3,520,745.86 Kenyan Shilling per bitcoin.
#2. Ethereum
Ethereum follows Bitcoin closely also to mark a high price valuation. It prides itself in having significant market volatility and capitalization as an open-source blockchain. Today, the market value of Ethereum in Kenya is about $50 million, through which Kenyans pay for most of their transactions, such as tourism and education.
#3 Ripple
Another hyped crypto coin in Kenya is Ripple. As much as its success rate is a little bit far from the other two, it is a currency to behold. It lies on a market cap of approximately $19.8, which is quite affordable for beginning enthusiasts in Kenya. They also get a fair chance to invest slowly with the investments they can afford as they learn more about the market.
#4 XRP
XRP is a secure currency that beats the strict taxation policy that was billed for cryptocurrency at large. That is a plus point for individuals who can’t afford to part with a lot of money in the name of paying government taxes. It is comparatively competitive, regardless of its low market price.
The Takeaway
The Blockchain Association of Kenya (BAKE) lays aside what the government and the Central Bank of Kenya think of cryptocurrency. From their perspective, Kenyans have discovered many solutions that would profit many investors and save the economy in turn.