More Africans are planning to buy crypto for the first time within 2022, according to a survey conducted among people in Nigeria, South Africa, and Kenya.
In these countries, generally 1 in 5 people own crypto (22%), according to the Gemini Survey, but among those who do not own the digital currencies, 36% plan to own some in 2022.
In addition, thousands of respondents in the selected countries believed that crypto was the future of money:
- 63% in Nigeria
- 57% in South Africa
- 54% in Kenya
The survey by Gemini, a crypto platform owned by Cameron and Tyler Winklevoss, also revealed that Africans generally trust cryptocurrency even though lack of knowledge was the major reason why people were not owning cryptocurrencies:
- Trust – High trust with only 14% of non-owners in Africa saying they have not bought cryptocurrency because they don’t trust it, compared to 27% globally
- Education – 56% say that more educational resources would help them become more comfortable purchasing cryptocurrency, compared to 40% globally
- Access – 59% say that cryptocurrency is accessible to everyone, compared to 43% of respondents globally
Similar to the rest of the world, more crypto owners in Africa reported that they were holding for the long term rather than actively trading. Still, the owners on the continent stand out with at least half (53%) saying they are actively trading their crypto.
Another interesting bit about adoption on the continent is that ‘nearly half (46%) of respondents in Latin America and Africa say that certain cryptocurrencies are a great way to protect against inflation.’
“Respondents in countries with 50% or more devaluation* against the dollar over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year, compared to those who experienced less than 50% inflation over the same time period.”
Such sentiment was highest in South Africa where the local currency has lost 102.74% of its value in the last 10 years.
The survey involved:
- 1, 217 in Kenya
- 1, 214 in Nigeria
- 1, 234 in South Africa
RECOMMENDED READING: Why Kenya Does Not Have 4.5 Million Crypto Users as Widely Reported
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