The majority of Africans, specifically 82%, have not yet owned any cryptocurrency. Among the individuals who have owned cryptocurrencies, a significant portion consists of high-earning millennials.
The remaining 18% is distributed as follows: 10% are individuals who previously owned cryptocurrency but do not currently possess any, and the remaining 8% are those who currently hold cryptocurrency.
The reality is, African crypto ownership looks like this: https://t.co/5Z7C7rhoF6 pic.twitter.com/whdZN8buyf
— BitKE (@BitcoinKE) July 31, 2023
These statistics have been revealed in a recent report conducted by Kasi Insight, a Kenyan data, metrics, and insights provider. The report is based on a survey conducted across 19 countries.
“Kenya, while often dubbed the ‘Silicon Valley of Africa’, isn’t as prominent a participant in the African crypto market, and neither is South Africa. Instead, we’ve seen that poorer countries have higher adoption, awareness, and usage, as shown by Namibia and Angola,” the report states.
According to the report, Africa seems to be going through a phase of relatively low interest or commitment towards the cryptocurrency phenomenon. The continent is currently exhibiting a sense of disinterest in fully embracing cryptocurrencies.
Sentiment towards crypto over the next 5 years showed that just 17% of adults trust crypto, whereas 34% are neutral and 49% distrust the asset class.
– Kasi Insight Report @kasiinsight pic.twitter.com/TW3bFwrXr1
— BitKE (@BitcoinKE) July 31, 2023
Kasi Insight’s report highlights that individuals in Africa with disposable income and earnings ranging from $1,800 to $4,500 or even higher, have shown a notable interest in cryptocurrencies.
“Income plays a strong role in the ownership of crypto in Africa.We found that 25% of respondents earning less than $1 800 own crypto, while that number more than triples, at 87%, for those making $1 801 to $4 500 and more,” the report stated.
Income plays a strong role in the ownership of crypto in Africa. We found that 25% of respondents earning less than $1800 own crypto, while that number more than triples, at 87% for those making $1,801 to $4,500 and more.
– Kasi Insight Report @kasiinsight pic.twitter.com/o9KDIiQeTp
— BitKE (@BitcoinKE) July 31, 2023
As per the report, the majority of Africans who embrace cryptocurrencies belong to the millennial generation. Additionally, the data indicates that men are more dominant among cryptocurrency users in Africa.
“Of the pool of respondents who are crypto investors, 54% of men own crypto compared to 46% of women. When examined across generational cohorts, crypto ownership shows millennials lead the pack. They own 60% of crypto in Africa, where GenX accounts for 20% ownership, followed by GenZ with a 19% stake and Boomers at just 1%.”
Bitcoin stands out as the most prominent and well-known, capturing the attention of 54% of the cryptocurrency community on the continent. The leading cryptocurrencies are as follows:
- Bitcoin (BTC) – 54%
- Binance (BNB) – 33%
- Ethereum (ETH) – 27%
- Dogecoin (DOGE) – 21%
- Onecoin – 18%
- Solana (SOL) – 17%
- Others – 7%
According to the report, a significant portion of the adult population in Africa views cryptocurrency with skepticism, considering it a scam.
Regarding the sentiment towards cryptocurrency over the next five years, only 17% of adults expressed trust in cryptocurrencies, while 34% remained neutral, and a notable 49% expressed distrust towards this asset class.
Among non-crypto users, a majority of 56% demonstrated distrust towards cryptocurrencies in contrast to only 11% who expressed trust, with 34% remaining neutral.
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