In a report titled “Who is Buying Crypto in Africa?,” the average African crypto buyer is:
- Most likely to be male
- Spends about $20 USD on the first purchase and
- Holds onto it for about nine months
Moreover, the report, produced by Luno, the South African exchance, reveals that Africans usually start with an average first deposit of $14 USD, an increase since the dip in bitcoin in November 2021.
According to Richard Ball, Lead Data Scientist, Luno:
Most customers start with a relatively small deposit, while the top 25% of our biggest local customers start to buy crypto at around $65 USD, and the highest deposit amount among our smallest 25% of customers is only around $3.40 USD.”
– Lead Data Scientist, Luno
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Luno has over 10 million customers (wallets) spanning more than 40 countries, including regional hubs in the US, Europe, APAC and Africa. Africa is one of its strongest markets, with over 55% of the new customers added in the last six months being based on the continent.
According to Luno data, the most popular crypto coins in Africa are:
- Bitcoin ($BTC)
- Ethereum ($ETH)
- XRP ($XRP)
with more customers buying than selling. The greatest increase so far this year in demand is XRP, with a 25% price surge within a single week.
In line with the gender split in traditional financial services, more men are buying crypto in Africa than women, with about 30% of the activity in the 18 – 29-year age bracket from women. However, in the 60+ age bracket, a greater percentage of women – about 46% – are active on Luno.
African customers hold their crypto for an average of 9 months, which is much longer than two years ago, with the exception of traders, who would naturally be more active.
According to Ball:
“Overall, this indicates that African customers increasingly view crypto as a longer-term investment and are not necessarily buying it to make a quick buck.”
– Lead Data Scientist, Luno
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Read / Download the full report here:
