Bitcoin Tops Global Assets Since 2020 as Ksh100K Grows to Ksh1.1M

A Ksh100,000 investment made in 2020 would have grown to more than Ksh1 million if it had been invested in Bitcoin, while the same money in gold, silver or the S&P 500 would have more than doubled, according to a Taurex analysis of investment performance between 2020 and 2025, combined with forex exchange data from the Central Bank of Kenya (CBK). 

Taurex examined the performance of popular investments between 2020 and 2025, adjusting the returns for inflation. Its findings put Bitcoin at the top, followed by luxury handbags, silver, the S&P 500 and gold.

Most of the assets in the study are priced in US dollars. This means a Kenyan who invested in them would have experienced two movements in value: the performance of the investment itself and the movement of the Kenya shilling against the US dollar.

Also Read: 9 Items Wealthy Kenyans Are Buying Now to Make Guaranteed Profit in Future

The Kenya shilling has weakened significantly against the dollar since 2020, which significantly increases the returns when converted to the Kenyan shilling. 

For this analysis, we start with Ksh100,000 and assume it was converted into US dollars at approximately Ksh106.45 to the dollar, based on the quarterly average exchange rates reported by the CBK in 2020. That would have given the investor approximately US$939.

What Would Have Happened Under Different Scenarios? 

1. Bitcoin: up 814%

Bitcoin produced by far the biggest return among the assets examined.

Taurex estimates that Bitcoin's average price increased from about $11,100 in 2020 to $101,600 in 2025. Based on those prices, the investment increased by roughly 814% over the period.

If our hypothetical investor had put the US$939 into Bitcoin, the investment would have grown to approximately US$8,582 by 2025.

When converted back into Kenya shillings using the 2025 average exchange rate of approximately Ksh129.30 to the dollar, the investment would have been worth roughly Ksh1.11 million.

That represents an increase of roughly Ksh1.01 million. 

2. Luxury handbags: up 118%

The second-biggest performer in the Taurex analysis is a less common investment among Kenyans. Luxury handbags.

The report examined an average of 11 luxury handbags and found their prices rose from about$14,000 in 2020 to $30,000 in 2025. Taurex estimates that luxury bags have had a price increase of 118%.

Applying that same growth to our initial $939 would have left the investor with approximately $2,047 in 2025. Converted back into Kenya shillings at Ksh129.30 per dollar, that would come to about Ksh265,000.

3. Silver: up 100%

Silver was the third-best performer in the analysis. According to Taurex, the average price of silver increased  100% between 2020 and 2025. 

If the original US$939 had experienced the same growth, it would have become approximately $1,878. At Ksh129.30 per dollar, that would translate to approximately Ksh243,000.

4. S&P 500: up 96%

The S&P 500, which tracks stocks in 500 of the largest US companies, also nearly doubled over the period.

Taurex's calculation includes capital gains and dividends, which grew 96%. $939 invested in 2020 would therefore have grown to approximately US$1,840 in 2025. Converted back to shillings, that would be roughly Ksh238,000.

5. Gold: up 94%

Gold rounds out the five best-performing assets in the Taurex analysis.

The report says gold's average price increased 94%. An ounce of gold was going for $1,800 in 2020 and had risen to about $3,400 by 2025. 

The $939 invested in gold would have grown to $1,822 by 2025, this would now be worth Ksh236,000.

What the Data Means for Kenyan Investors

The report by Taurex demonstrates the importance of portfolio diversification in wealth building. 

Global markets can offer access to companies and industries that are not available on the Nairobi Securities Exchange (NSE). They can also provide exposure to foreign currencies, meaning an investor’s wealth is not entirely tied to the performance of the shilling.

Important to note, however, is that past performance is not an indicator or a guarantee of future performance. 

Some of the benefits of investing in the global markets include: 

1. Increased Options

The NSE has a relatively small number of listed companies compared with major global markets. Investing internationally can give Kenyans access to a much wider range of companies and even industries that may not exist locally. 

2. Reduced Currency Risk

The calculation shows why the currency you invest in matters. A Kenyan investing in a dollar-denominated asset is exposed to both the performance of that investment and movements in the Ksh/USD exchange rate. 

If the shilling weakens against the dollar, the value of a dollar investment can be higher when converted back into shillings.

Wrapping Up

The bigger question is not simply “Which investment made the most money?” It is also “What markets can I access, what am I investing in, what risks am I taking, and how will that investment perform when measured in shillings?”

That is the more useful lesson from the Ksh100,000 analysis: global markets can give Kenyan investors more opportunities to diversify, but those opportunities come with their own risks, costs and currency considerations.

How you access these investments matters too. Technology has made it easier for Kenyans to access global stocks, funds and newer assets such as cryptocurrencies. But the growing number of platforms and investment products also means investors need to be careful about where they put their money.

Before investing, it is important to check that the platform or provider is legitimate and appropriately licensed or regulated, understand its fees and withdrawal terms, and be wary of promises of unusually high or guaranteed returns.

The opportunity to invest globally is bigger than it was before. So is the need to know exactly who you are giving your money to.