Kenya & Nigeria Lead as Bitcoin Trading Volumes Hit All-Time High in Africa

Bitcoin peer-to-peer (P2P) trading volume in Africa hit an all-time high in August according to publicly available data from leading peer to peer exchanges.

Since March when most countries began introducing lockdowns, Bitcoin has been more stable and is up by more than 18% over the last one year according to Paxful, a global marketplace that enables users to make offers and ask for the competitive price for the Bitcoin.

There’s been a significant surge in Bitcoin trading volumes across the globe, mainly driven by the coronavirus induced lockdown as many people work from home.

Demand for Bitcoin has been mostly witnessed across major developing and frontier markets with Subsaharan Africa showing the fastest growth. On Paxful marketplace, Nigeria and Kenya emerged as the leading countries with the highest number of volumes with Ghana following in closely.

For instance, in August, Kenyans traded Bitcoins worth $8.104 Million on Paxful, and the number is even higher when you include data from other exchanges.

You Can Now Buy & Sell Bitcoin Using Bonga Points

At the same time, Paxful has now made it very convenient for its users to pay for their coins using more than 300 different payment methods including Mpesa.