Low Employment Driving Millions of South Africans into Crypto, Says Latest KuCoin Survey

According to a survey by KuCoin exchange, 7.6 million South Africans, which constitutes about 22% of the country’s adult population aged 18-60, are crypto investors.

The survey asked people whether they currently own cryptocurrencies or have operated with cryptocurrencies in the past 6 months. About 65% of the crypto investors surveyed responded that they consider crypto to be the future of finance.

KuCoin also determined that a large percentage of users seem to prefer lower-risk products such as digital assets as a means of savings to earn stable returns.

______________________________________________________________________

SEE ALSO: African Crypto Users Grew by 2,500% in 2021 Largely Driven by Inflation, Says Latest KuCoin Report

______________________________________________________________________

Social media remains the main source of crypto-related information for South Africans. Influencers and other media personalities, the average people can relate to, are the main opinion leaders in crypto promotion, establishing both trust and rapport with users.

When People Were Asked the Platforms they go to for Information about Crypto

Dubbed ‘Into The CryptoVerse,’ the report revealed that 72% of those surveyed rely on social media for information regarding the decentralized market.

Many of the surveyed prefer crypto to banks, largely because of higher yields on the cryptocurrency market, which outstrip bank interest rates.

The demographics of South African crypto investors are skewed towards male and younger generations. Men account for 60% of crypto investors, with 42% of crypto investors being aged 18 to 30. The unequal distribution of wealth in the country is well illustrated by the findings of the report, as 22% of crypto investors earn less than $5,000 a year, while 16% earn more than $50, 000 during the same period.

According to the report, Africans who are emigrating to South Africa are also taking part in crypto investments.

Click here to see the full report.

______________________________________________________________________

RECOMMENDED READING: 60% of KuCoin Africa Users Now Venturing into Spot Trading

______________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb

____________________________________________________________________

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to our YouTube channel below for more updates:

____________________________________________________________________