7.6 Million South Africans Are Crypto Investors, Social Media Top Source Of Crypto-Related Information – Emerging Markets – Bitcoin News

Some 22% of South Africa’s adult population, or 7.6 million people, are cryptocurrency investors, results of a study by cryptocurrency exchange Kucoin show. According to the study, 72% of the respondents said that they get information about particular crypto projects through social media. Influencers and media personalities were also found to be key opinion leaders promoting cryptocurrencies.

Influencers and media personalities found as key opinion leaders

According to the findings of a new Kucoin study, around 22% of South Africa’s adult population between the ages of 18 and 60 (or around 7.6 million people) are cryptocurrency investors. The study also found that 65% of crypto investors “consider crypto to be the future of finance.” The report added that a large percentage of users seem to prefer digital assets as their favorite means of saving for stable returns.

Explaining how South Africans obtain information about crypto projects they choose to invest in, the study’s findings reveal that nearly three-quarters (72%) of respondents obtain this information through social media. Aside from social media, influencers and media personalities were found to be the top thought leaders in the cryptocurrency promotion space.

Study: 7.6 Million South Africans Are Crypto Investors, Social Media Is The Main Source Of Crypto Related Information

Commenting on South Africans’ apparent preference for social media platforms as their first-choice information source, Kucoin CEO Johnny Lyu told Bitcoin.com News:

Data revealed by Statists shows that 30 million South Africans are social media users, with this number projected to rise to 40 million users by 2026. The country is seeing rapid growth in influencers, TikTok bloggers and creators for whom Social networks have proven to be an easy and accessible source of income. The examples of well-known bloggers of African descent like Khaby Lame are encouraging many Africans to spend more and more time on social media in search of work, income and dating.

Lyu also pointed out that social media has become the fastest way for users to get information. He said this is particularly true now that “users’ time is now fragmented and getting information quickly and effectively has become a mainstream way of life.”

Unequal distribution of wealth in South Africa

In terms of demographics, meanwhile, the cryptocurrency exchange study found that South African crypto investors are predominantly “younger and male generations.” Men are estimated to make up 60% of cryptocurrency investors, while around 42% of investors are believed to be between the ages of 18 and 30. Meanwhile, the study exposes the unequal distribution of wealth in South Africa and how low-income people seem to use cryptocurrencies as a tool to remedy the situation.

“The unequal distribution of wealth in the country is well illustrated by the report’s findings, with 22% of crypto investors earning less than $5,000 per year, while 16% earning more than $50,000 during the same period,” the study report explained.

Study: 7.6 Million South Africans Are Crypto Investors, Social Media Is The Main Source Of Crypto Related Information

While the study’s findings suggest that interest in cryptocurrencies is growing, consistent reports of South African crypto investors losing funds to scammers have drawn the attention of regulators who have responded by cracking down on crypto entities or warning the public that do not invest in cryptocurrencies. .

However, despite the response from regulators, the study still found that South African crypto investors are “maintaining a positive attitude” towards cryptocurrencies, as they are proving to be “capable of improving people’s financial situation”. Such adoption of cryptocurrencies is having the right impact on the local crypto market in general and this, in turn, helps weed out fraudulent individuals and players, according to the report.

What are your thoughts on the findings of this study? Let us know in the comments section.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide Africans with a way out.

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