Kucoin report: 22% of South Africans invest in cryptocurrencies

A large percentage of respondents prefer digital assets as their primary means of saving for stable returns

17.06.2022 - 14:30

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What's new? Cryptocurrency exchange Kucoin has published a survey report showing that about 22% of South Africans aged 18 to 60 (7,6 million people) invest in cryptocurrencies. In the survey, 72% of respondents said they get information about specific cryptocurrency projects through social media. 65% consider cryptocurrencies “the future of finance.” It is noted that a “large” percentage of users prefer digital assets as their primary means of saving for stable returns.

Kucoin’s Report

What does the report say? In terms of demographics, the platform's research showed that South African crypto investors are predominantly “male and younger generations.” Men make up 60% of crypto investors, and about 42% of those surveyed are between the ages of 18 and 30. The study also showed the unequal distribution of wealth in South Africa and how people with low incomes are using cryptocurrencies to get out of their current economic situation.

“22% of crypto investors earn less than $5 000 a year, while 16% earn more than $50 000 during the same period,” the study report explained.

In March, the Kucoin exchange conducted a study showing that the number of digital asset holders in some African countries increased by 2 500% over the year.

In April, the National Assembly of the Central African Republic (CAR) passed a bill on the recognition of bitcoin as a legal means of payment. According to the authorities, the decision will help restore the country's economy.

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