47% of South Africans own Bitcoin (BTC), holding an average of $ 70

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As conversations about using and buying digital assets in Africa continue to gain traction, details have emerged that around 47% of South African adults hold at least one form of cryptocurrency.

South Africa invests in BTC

According to data from a recent discovery by leading market research and data scientist company KLA, 25% of these South Africans own Bitcoin. The discovery further indicates that around 36% of adults nationwide plan to invest in crypto in the future.

According to our data and a recent survey carried out on the subject among our panel of South African adults, the number of South African adults is higher, with 25% of them claiming that they have a cryptocurrency of a value between 100 and 1000 rand, ”said KLA account manager Tessa Nowosenetz.

However, an analysis of the value of the crypto owned by each South African indicates that while the percentage of crypto holders in the country, which is the second highest in the world, is remarkable, the amount invested by each of them sends another message.

They hold $ 70 worth of BTC

The data revealed that the majority of these holders invest a small amount of $ 70 on average, indicating that they continue to experiment and dabble without making a significant financial commitment.

Nowosenetz explained that the curiosity and interest that many have in crypto stems from the perception that it offers a quick payoff for those who invest. He noted that the majority of these people hold these opinions without knowing that they need a deep knowledge or understanding of each category they want to invest in.

The main attraction and benefit of crypto is the perception that there is an opportunity to make huge gains on your investment in the short term, with 43% citing this as the main reason for their interest in crypto.

However, despite the high percentage of cryptocurrency holders in the country, KLA data indicates that 17% of residents said they did not have cryptocurrency and were not considering acquiring it.

Over a third of this set of South Africans explained that they prefer to invest (or invest more) in formal / regulated financial products or with formal / regulated financial service providers.

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