South Africa Crypto: 25% of South Africans own cryptocurrency

  • September 15, 2021

South Africa Crypto: 25% of South Africans own cryptocurrency

25% of South Africans own cryptocurrency, with an average asset value of less than $70

According to a study conducted by KLA, market research and data specialist organization, nearly half of all South African adults own cryptocurrencies, with the bulk of these owning low-value investments. Furthermore, the poll reveals that 36% of respondents intend to invest in cryptocurrency in the future.

Cryptocurrency experiments continue in South Africa

Although 47% of South Africans are holders, according to the KLA research, the value of crypto assets held is still quite low, according to a Businesstech story quoting KLA’s Tessa Nowosenetz. This low average value implies that many people are still learning about cryptocurrency. Nowosenetz emphasized this idea by saying:

“Despite the high percentage, the cash invested is small. This suggests that the majority of crypto investors in South Africa are testing and dabbling rather than making a serious financial investment.”

According to the findings of the study, 25% of bitcoin owners had between $7 and $70 (or between 100 and 1,000 rands) invested in digital assets. Fewer South Africans — roughly 13% of those polled — own cryptocurrency worth between $70 and $700.

Only 3% of those polled stated they hold digital currencies worth more than $3,400. Even though a large number of people own cryptocurrencies, the majority of South Africans (53 percent) do not, according to the survey.

Quick Gains Attract a Lot of People

Despite their cautious approach to crypto investments, many South Africans remain fascinated and are “interested in learning the ropes while participating in a trial,” according to Businesstech. However, many people are getting into crypto because they want to make a “fast profit,” according to the survey. Nowosenetz elaborated:

“The idea that there is a chance to make significant gains on your investment in the near term is the biggest attraction and advantage of crypto, according to 43 percent of respondents.”

According to the survey, over 20% of individuals who are dabbling with cryptocurrencies are doing so in order to diversify their portfolios. However, 16 percent of those polled stated they are interested in using or trading cryptocurrencies because “anyone can do it.” According to the poll, 36% of respondents want to invest in crypto in the future, with only 4% citing lack of regulation as their primary motivation for holding cryptocurrencies.

Movine Oduor
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