47% of South Africans own Bitcoin (BTC), holding $70 worth on average | CryptoSlate


47% of South Africans own Bitcoin (BTC), holding $70 worth on average | CryptoSlate

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As conversations regarding the use and purchase of digital assets in Africa continues to gain ground, details have emerged that about 47 percent of South African adults hold at least one form of cryptocurrency.

South Africa’s are investing in BTC

Per data from a recent finding conducted by the foremost market research and data specialist firm, KLA, 25 percent of these South Africans hold Bitcoin. The finding further indicates that about 36 percent of the country’s adults plan to invest in crypto in the future.

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“According to our data and a recent survey completed on the topic – among our panel of South African adults – numbers are higher, with 25% saying that they have cryptocurrency worth between R100 and R1,000,” KLA’s account manager, Tessa Nowosenetz said. 

However, an analysis of the value of crypto held by each South African indicates that while the percentage of crypto holders in the country, which is the second-highest in the world, is remarkable, the amount invested by each of them sends another message. 

They hold $70 worth of BTC

The data revealed that the majority of these holders invest a low amount—$70 on average, an indication that they are still experimenting and dabbling without making a significant financial commitment.

Nowosenetz explained that the curiosity and interest many have about crypto stem from the perception that it offers a quick gain for those investing. He noted that the majority of these people hold these views without knowing they need a deep knowledge or much understanding of each category they want to invest in. 

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The main appeal and advantage of crypto is the perception that there is an opportunity to make considerable gains on your investment in the short-term, with 43% stating this as their main reason for interest in crypto.

However, despite the high percentage of crypto holders in the country, the data from KLA indicates 17 percent of residents maintained that they don’t have any cryptocurrency and are not planning on acquiring any. 

Over a third of this set of South Africans explained that they prefer to invest (or invest more) in formal/regulated financial products or with formal/regulated financial service providers.

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Author: Oluwapelumi Adejumo

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