According to new data from data specialist KLA, about 25% of all adults in South Africa currently own Bitcoin (BTC). Also, about 36% reportedly plan to invest in cryptocurrencies in the future.
Experimenting and testing with Bitcoin
Account Manager at KLA, Tessa Nowosenetz, has reported the following on this subject:
“According to our data and a recent survey on the subject, among our panel of South African adults, the numbers are higher, with 25% saying they have cryptocurrency worth between R100 and R1,000.”
Although 25% of South African adults now own crypto, the amount invested by each individual is very different. A recent survey shows that the majority invest an average of $70. This would suggest that they conduct the experimentation and testing with the top cryptocurrency, without committing a significant amount directly. However, it also gives hope.
Driven by various reasons
According to Nowosenetz, investors would be driven by many different reasons, but one of them stood out. For example, many investors would be driven by the belief that cryptocurrencies would make them rich quick. A majority has reportedly invested without gathering sufficient knowledge in advance.
According to many, a major appeal and advantage of crypto is the perception that there is an opportunity to make significant profits on an investment made in the short term. Reportedly, 43% have named this as their main reason for interest in crypto. Finally, about 17% would have said that they do not have cryptocurrencies and do not want to buy them in the future.