Kenya leads in crypto adoption according to UNCTAD report

Kenya adopting crypto.

Different countries have different investment levels. Many things determine how many people or the percentage of the population invest in a particular market. Some investment options show a positive or growing economy, while others result from a struggling economy. One of the most recent investment opportunities in the cryptocurrency market. People have different reasons for investing in the market, but whatever the reason, the motivating factor is that people view cryptocurrency as a way to make money from the field. The United Nations has surveyed to figure out how many people are adopting cryptocurrency; the report was published recently and has shed light on many things. 

Africa as a crypto frontier

Africa has been one of the world’s newest and fastest-growing cryptocurrency markets. Many people were keen to see how Africa would perform in the report and were not disappointed. Kenya was the first African state on the list. This means that the country is the leading African state in cryptocurrency adoption. The report states that 8.5% of the population hold or has adopted cryptocurrency in one way or the other. Taking the most recent census, this means that a total of 4.25 million Kenyans have invested in or used cryptocurrency. 


Although Kenya was the leading country on the continent on the list, it was the fifth overall. The other four countries featured in the top five countries in crypto adoption include Ukraine as the first, with 12.7% of the population. The second was Russia, with 11.9%. These two featured on the list due to the ongoing war and its impacts on their economy. The third was Venezuela, with 10.3%, and the fourth was Singapore, with 9.4%. 

Kenya was not the only country from Africa to feature on the list. As mentioned earlier, people who thought that Africa performed well were not disappointed when the list was published. Kenya, along with the other three main suspects in cryptocurrency adaptation in Africa, featured highly on the list. South Africa was the second African state on the list, with an adaptation rate of 7.1%. 

Despite leading in the number of people investing or adapting cryptocurrency, Nigeria was the third with 6.3%. According to the last census, they are leading in population because the country has 211 million people. This means that more than 13 million of its population have adopted cryptocurrency. 


As mentioned, the report shed light on several things. The first and the most easily notable is how many people and countries suffering from financial crises use cryptocurrency as their saving grace. Ukraine and Russia are the leading countries for this reason. Citizens from these countries are choosing to adopt cryptocurrency to save themselves from the financial crisis going on in their countries due to the ongoing war. 

The second thing that can be identified is that some countries are on the list due to their young and adventurous population choosing to invest in cryptocurrency to make money. The three mentioned African countries on the list are there due to P2P investment helping many youths earn passive income.

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