Social media is the main source of information for 72% of crypto investors in South Africa


VICTORIA, Seychelles, June 16, 2022–(BUSINESS WIRE)–KuCoin, the global cryptocurrency exchangereleased the Into The Cryptoverse report analyzing investor behavior and cryptocurrency adoption rates in South Africa.

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In the Cryptoverse South Africa 2022 report (Graphic: Business Wire)

South Africa is currently the most financially advanced country on the African continent, which makes its economic environment favorable to the development of new technologies. According to the survey, 7.6 million South Africans, or about 22% of the country’s adult population between the ages of 18 and 60, are crypto investors, who currently own cryptocurrencies or have operated with crypto. -currencies over the last six months. About 65% of crypto investors surveyed responded that they see crypto as the future of finance. A large percentage of users seem to prefer low-risk products, such as digital assets, as a way to save for stable returns.

Social media remains the primary source of crypto-related information for South Africans. Influencers and other media personalities that people can relate to are key thought leaders in promoting crypto, building both trust and relationships with users. The Into The Cryptoverse report found that 72% of respondents rely on social media for information on the decentralized market. “Social media is the most powerful channel to introduce new things to people and allow them to network. Now it builds people’s hope and confidence in crypto.” according to Matlala Caroline Rathabeng, a Twitter influencer in South Africa.

The report’s findings also shed light on the general attitude of South Africans towards cryptocurrencies, underscoring their confidence in crypto for money-related matters. Many respondents prefer crypto to banks, largely because of the higher returns in the cryptocurrency market, which exceed bank interest rates.

The demographics of South African crypto investors are skewed towards men and younger generations. Men make up 60% of crypto investors, with 42% of crypto investors being between the ages of 18 and 30. The unequal distribution of wealth in the country is well illustrated by the report’s findings, as 22% of crypto investors earn less than $5,000 per year. year, while 16% earn more than $50,000 during the same period.

Another indicative factor is experience in the crypto market. Of the crypto investors surveyed, 22% have less than three months of crypto investing experience, while 24% have been trading crypto for more than two years.

Despite local regulations and laws, South African crypto investors maintain a positive attitude as cryptocurrencies are proving capable of improving people’s financial status. Such adoption has a favorable impact on the local crypto market in general, weeding out fraudulent individuals and players.

The low percentage of jobs in Africa makes people look for other ways to make money and crypto investments are one of them, as revealed by the Into The Cryptoverse report. The migration of Africans from other countries to South Africa in the hope of improving their financial and social status is also driving the adoption of cryptocurrency. “South Africa plays an important role on the African continent. Many Africans have moved to South Africa in the hope of having a better life or being able to support their families. Due to the low employment rate in Africa right now, people are looking for alternative ways to make money, and investing in crypto is one of them.” according to Thamsanqa Emmanuel, a Twitter influencer in South Africa.

The findings of the KuCoin Into The Cryptoverse report underscore the importance of cryptocurrencies in Africa’s financial climate in general as a means of socially propelling individuals. The many opportunities for personal development in South Africa and the progressive attitude of the young local generation are also contributing to the rapid adoption of digital currencies as an alternative to fiat. View the full report on KuCoin Blog.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusivity and reach for community action, it offers over 700 digital assets and currently provides spot trading, Margin of negociationP2P fiat trading, futures trading, staking and lending to its 18 million users in 207 countries and regions.

In 2022, KuCoin raised over $150 million in investments in a pre-Series B round, bringing total investments to $170 million with the combined A round, for a total valuation of $10 billion. of dollars. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the Best crypto app for enthusiasts.

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Emma Haul
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