Crypto

22% of adults in South Africa invest in cryptocurrencies

On 22 percent of adults in South Africa are cryptocurrency investors according to a study by Kucoin.

This translates into 7.6 million people between the ages of 18 and 60. The study also found that 65% of crypto investors in the country “consider crypto to be the future of finance.”

According to the report, South Africa is the most financially advanced African country, making its economic environment favorable for the development of new technologies. He said that a large percentage of users seem to prefer lower-risk products, such as digital assets, as a means of saving for stable returns.

Social media is the number one source of crypto-related information for South Africans, with the report revealing that 72% of respondents rely on social media for information on the decentralized market.

A Twitter influencer in South Africa, Matlala Rathabeng, said: “Social media is the most powerful channel that introduces people to new things and allows them to build networks. Now, it increases people’s hope and confidence in cryptocurrencies.”

The report titled ‘Into The Cryptoverse’, said: “The report’s findings also shed light on the general attitude of South Africans towards cryptocurrencies, highlighting their reliance on cryptocurrencies in matters related to money.

“Many of the respondents prefer cryptocurrencies to banks, largely due to the higher yields in the cryptocurrency market, which exceed bank interest rates.

“The demographics of South African crypto investors are skewed towards the male and younger generations. Men make up 60% of crypto investors, and 42% of crypto investors are between the ages of 18 and 30. The report’s findings well illustrate the uneven distribution of wealth in the country, with 22% of crypto investors earning less than $5,000 a year, while 16 percent earning more than $50,000 during the same period.

“Another indicative factor is experience in the crypto market. Of the crypto investors surveyed, 22% have less than three months of crypto investment experience, while 24% have been trading crypto for more than two years.”

According to the report, South African crypto investors maintain a positive attitude despite local regulations and laws, as cryptocurrencies are proving capable of improving people’s financial situation.

He added that this adoption is having a favorable impact on the local crypto market because it eliminates fraudulent people and players. The report stated that the low percentage of employment in Africa is spurring people to look for alternative ways of earning money and cryptocurrency investments are one of them.

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