Future of bitcoin in Kenya in 2021: What should we expect?

In Summary

• The people being aware of the cryptocurrency world doubled during the last year when the serious pandemic hit the world.

• Those who never came into this digital world had to come because of the circumstances and then they never wanted to go back.

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021.
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021.
Image: REUTERS

Bitcoin has always been on the top list when it comes to investment. The price of bitcoin has surged up to 300 per cent in these twelve months.

This sudden huge jump in the price is mainly due to mainstream adoption.

The people being aware of the cryptocurrency world doubled during the last year when the serious pandemic hit the world.

The world and the activities were on a pause and this was the time when bitcoin came up as a rescue for the people. Those who never came into this digital world had to come because of the circumstances and then they never wanted to go back.

Bitcoin at one place was vividly being used as a means of transaction because various stores offered online payments with online orders due to the lockdown restrictions. But at the same time, many became dependant on the trading and investments in this industry.

The number of people rapidly increased during this and various websites were used to help people trade more effectively. It was when Bitqt surged up and was used around the globe for better results.

Now when the people have increased in the crypto world so has the opportunities to earn has increased. The investment in bitcoin is a hot favourite topic these days as the price is hovering as well.

Investment in the bitcoin industry is the best option one can select in Kenya. Let us see what the bitcoin industry has in 2021 for Kenya.

The Mainstream Adoption and the Bull Run

The Bull Run is because of the mainstream adoption that occurred last year. The acceptance of bitcoins has already increased because PayPal has allowed bitcoin transactions.

Moreover, the assets of Coinbase increased during last year and that is why it is expected to be the publicly listed company this year. Despite the premonitory signs, many businesses in Nairobi and other areas are now accepting bitcoins as a means of payment.

In recent year the number of transactions increased in Kenya and according to Blockchain Association in Kenya the estimated transactions worth more than $1.5m. The people vividly pay the hotel bills through these coins.

Moreover, the best part was in a pandemic when people of Kenya did online shopping and guess what was the rescue? Obviously, these cryptocurrencies were there to be paid without any hurdles.

Blockchain technology is highly organized and secure. It has closed the interference of any bank or external institution. Even the government cannot interfere.

This made the people of Kenya more attracted to cryptocurrencies. Blockchain technology is also being implemented by many start-ups and tech conglomerates in Kenya to solve many problems.

It is also being used in health sectors to keep a record for corona patients. This innovative technology even helped many platforms to support small businesses that wanted to prove their creditworthiness for loans.

The Future

Bitcoin had faced recession during the mid-March of last year but then it bounced back into the bull run. However, now the price will keep on rising and this would benefit the investors.

Many people wanted to make their business secure and this became possible with cryptocurrencies. The purchases are now easier many people claim. However, the organized system prevented many thefts and so people inculcated these currencies in their business.

Rather the analysts predict that the upcoming years would make more people of Kenya enter this world. The future will be of cryptocurrencies because globally they have become renowned.

People give more preference to the coins rather than the traditional money. The Kenyans have devised new ways to pay across the countries by cryptocurrencies.

They have started to pay their children fees with these currencies. The merchants in other countries are paid through these. Even the young freelancers are getting paid by the coins.

The cryptocurrency has got popularity and it will make more and more in the next few years. The tech-savvy generation wants to explore more and earn by these currencies. The future is the crypto world.