47% of adults in South Africa own crypto because they think it makes them rich

As issues related to the use and investment of cryptocurrencies in Africa increase, a research A new report showed that around 47% of adults in South Africa own at least one cryptocurrency.

South Africans try their luck with cryptocurrencies

According to data from market research company KLA, 25% of respondents said they owned Bitcoin. The KLA also pointed out that around 36% of adults in South Africa plan to invest in crypto in the future.

“According to our data in a recent survey, 25% of South African adults say they have crypto worth between R100 and R1,000 (about $ 70),” said Tessa Nowosenetz, manager at KLA.

However, KLA pointed out that although the percentage of people who own crypto in the country is the second highest in the world, the amount invested by each of them sends a different message.

The data shows that the majority of these people own relatively small amounts of money – only $ 70 on average, a sign that they are still trying their luck instead of viewing it as an alternative investment channel.

Nowosenetz explained that many people’s curiosity and interest in cryptocurrency stems from the perception that it can be a scheme for buyers to get rich quick. The researcher notes that most of these people take this point of view without realizing that they need to have a deep knowledge or understanding of each item they want to invest in.

The main draw and appeal of cryptocurrencies is that people see that there is an opportunity to make significant returns on an investment in the short term, with 43% saying that is the main reason they care about money.

However, despite the high percentage of crypto owners in the country, data from UCK shows that 17% of residents feel they don’t have coins and don’t plan on buying any.

More than 30% of South Africans surveyed said they prefer (or more) to invest in formal financial products with government-registered service providers.

* South Africa is the home of Yearn Finance founder Andre Cronje and Tesla CEO Elon Musk.

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Thach Sanh

According to CryptoSlate

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