• 25% of South Africans own cryptocurrency, with an average asset value of less than $70

  • According to the findings of a study conducted by KLA, a market research and data specialist firm, approximately 47 percent of South African adults own cryptocurrency, with the majority of these holding low-value investments. Furthermore, the study found that 36% intend to invest in cryptocurrency in the future.

    South Africans Continue to Experiment with Cryptocurrency

    Despite the fact that the KLA findings show that 47 percent of South Africans own crypto assets, a Businesstech report quoting KLA’s Tessa Nowosenetz explains that the value of crypto assets held is still very low. This low average value suggests that many people are still learning about cryptocurrency. Nowosenetz emphasized this point by saying:

    Despite the fact that this percentage is high, the amount invested is low. This suggests that the majority of South African crypto investors are experimenting and dabbling without making a substantial financial commitment.

    According to the study’s findings, 25% of cryptocurrency owners have between $7 and $70 (or between 100 and 1,000 rands) invested in digital assets. Fewer South Africans — approximately 13% of those polled — own cryptocurrencies worth between $70 and $700.

    Only 3% of those polled said they own digital currencies worth more than $3,400. Despite having a significant number of cryptocurrency holders, the study found that the majority of South Africans (53 percent) are not crypto holders.

    Many people are drawn to quick profits.

    Despite their cautious approach to cryptocurrency investment, many South Africans remain curious and are “interested in learning the ropes while engaging in a trial.” According to the report, many people are getting into cryptocurrency because they want to make a “quick profit.” Nowosenetz elaborated:

    The perception that there is an opportunity to make significant gains on your investment in the short term is the main appeal and advantage of crypto, with 43 percent stating this as their main reason for interest in crypto.

    According to the report, approximately 20% of those who are dabbling in cryptocurrency are doing so to diversify their portfolio. However, 16% of respondents said they are interested in using or trading cryptocurrencies because “everyone can do it.” According to the study, 36% intend to invest in cryptocurrency in the future, with only 4% citing a lack of regulation as the primary reason for holding cryptocurrencies.

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