Dennis Itumbi Wishes He Bought More Bitcoins as Value Rises Above KSh 15 Million Per Coin
- Dennis Itumbi shared his early experience investing in cryptocurrency and admitted he initially doubted its potential but now wishes he had bought more
- Itumbi applauded the introduction of the Virtual Assets Service Providers (VASP) Bill to establish a legal framework for regulating cryptocurrency platforms in Kenya
- Bitcoin has recorded significant appreciation, even crossing the $120,000 price mark before settling around $118,000
Elijah Ntongai, an editor at TUKO.co.ke, has over four years of financial, business, crypto and technology research and reporting experience, providing insights into Kenyan, African, and global trends.
Dennis Itumbi, the Head of Presidential Special Projects and Creative Economy, expressed regret for not investing more in Bitcoin, as the cryptocurrency’s value surged past KSh 15 million per coin.
Source: UGC
Itumbi shared his early experience with the cryptocurrency market and applauded the introduction of the Virtual Assets Service Providers (VASP) Bill to establish a legal framework for cryptocurrency operators in Kenya.
“When I first bought a virtual coin, I didn’t expect it to grow in value. I took a chance on Bitcoin when it was 60K. I did not have high hopes, I actually suspected I would lose it all, but I took my chances,” he posted on X.
“Looking back now, I only wish I had bought more,” Itumbi added.
Bitcoin prices surge
Itumbi's remarks come following the recent surge in Bitcoin prices. Bitcoin appreciated significantly, crossing the $120,000 mark on July 14 before settling around $118,000 on July 21.
The recent appreciation in Bitcoin and other crypto coins has been driven by various factors, particularly the increasing institutional interest, growing global adoption, and investor optimism.
Speaking to TUKO.co.ke, Terence Hove, senior financial markets strategist at Exness, noted that Bitcoin has gained over 50%, breaking successive record highs since President Donald Trump’s election victory.
"This rally reflects a fundamental shift in market expectations, driven by the Trump administration’s markedly pro-crypto stance. Unlike the Biden-era push for tighter oversight, Trump has pledged to 'make America the crypto capital of the planet,' vowing to soften or dismantle regulatory barriers and position the US government firmly behind digital assets.
The administration has already taken concrete steps: advancing deregulation initiatives, enacting crypto-friendly legislation, appointing industry advocates to key regulatory roles, and actively engaging crypto-savvy political and business insiders. These developments have fueled unprecedented investor inflows, intensified speculative momentum, and triggered a structural revaluation of Bitcoin and the broader digital asset market,” Hove said.
Cryptocurrency laws in Kenya
In a follow-up post, Itumbi expressed optimism in the impact of the introduction of a Virtual Assets Service Providers (VASP) Bill in Kenya’s Parliament.
The bill seeks to regulate the growing digital asset ecosystem by creating a legal framework for trading in cryptocurrencies, NFTs, and meme coins while protecting consumers and encouraging innovation.
“It is therefore encouraging to see a Virtual Asset Management Bill in Parliament that seeks to establish a place for creatives to trade and invest,” Itumbi wrote.
The necessity for the legal framework has been largely driven by the growing adoption of cryptocurrency in Kenya. The Kenyan government estimates that cryptocurrency transactions are currently worth about KSh 64 billion per month.
Itumbi has long been championing the adoption of virtual assets in Kenya, including the return of WorldCoin, which was banned for violating data protection laws.
“If you want to play a part in crypto and meme coins, do your research and follow updates. Talk to others too,” Itumbi said.
What is the purpose of the VASP Bill?
The proposed VASP Bill aims to register and license exchanges, wallet providers, and other crypto-related platforms. It also outlines tax obligations and anti-money laundering measures for digital asset firms operating in Kenya.
If passed, the legislation would place Kenya among a growing number of African nations acknowledging the legitimacy of cryptocurrencies and working toward mainstreaming their use through legal channels.
Kenyan govt backs KDT
In other news, the Kenyan government has reaffirmed its commitment to digital asset adoption by launching the Kenyan Digital Token (KDT).
The government aims to boost financial inclusion and innovation in a market currently valued at KSh 64.6 billion monthly.
Information, Communications, and the Digital Economy Cabinet Secretary William Kabogo described the privately developed KDT, built on the Solana blockchain, as a strategic move toward embedding digital assets in Kenya’s economy.
Kenya is now ranked 28th globally and 4th in Africa in cryptocurrency use.
Proofreading by Jackson Otukho, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
