Various governments in Africa are now discussing how to better regulate cryptocurrencies, as the African population is rapidly adopting these digital assets.
Cryptocurrencies’ growth has become so fast that in South Africa, 47% of adults hold at least one type of crypto, which includes, of course, bitcoin.
In a data released by KLA, a market research and data specialist company, a quarter of these 47% respondents hold bitcoin, which is currently the world’s most valuable and popular cryptocurrency.
The study also found that even with cryptos’ high volatility, 36% of South Africa’s adults are planning to invest in cryptocurrencies.
Trust in cryptos
“According to our data and a recent survey completed on the topic ー among our panel of South African adults ー numbers are higher, with 25% saying that they have cryptocurrency worth between R100 and R1,000,” KLA account manager Teresa Nowosenetz said.
KLA’s survey also discovered one important thing about South Africa’s crypto scene. While the country holds the distinction as the nation with the second-highest number of crypto holders, the survey revealed that the average amount that citizens hold is actually low.
Testing the crypto waters
On average, they hold crypto assets worth $70, which clearly shows that South Africans are still testing the crypto waters. Even with the country’s large number of cryptocurrency holders, they are not yet ready to fully jump into these virtual assets.
The study also said that people’s curiosity and enthusiasm on cryptos, especially of South Africans, is because of the perception that cryptocurrencies can provide large and quick monetary gains.
With this mindset, Nowosenetz said that it is highly necessary for them to thoroughly study the assets they’re investing in, and to fully understand the risks that come with it.
Some 43% of the respondents admitted that “big and quick” monetary gain is their top reason why they’ve invested in cryptocurrencies.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/bitcoin/almost-half-of-south-africans-own-bitcoin/
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