Approximately 22% of South Africa’s adult population, or 7.6 million people, are cryptocurrency investors, according to a survey conducted by Kucoin cryptocurrency exchange. According to the survey, 72% of respondents said they get information about specific crypto projects through social media. Influencers and media representatives were also found to be important opinion leaders in promoting cryptocurrencies.
Influencers and media personalities were found to be key opinion leaders
According to newfindings, Kucoin’s surveyfound that approximately 22% of South Africa’s adult population aged 18-60 (approximately 7.6 million people) are cryptocurrency investors. The survey also found that 65% of crypto investors “believe that crypto is the future of finance.” It added that most users seem to prefer digital assets as a means of saving for stable returns.
Explaining how South Africans obtain information about the crypto projects in which they invest,the survey results revealed that almost three-quarters (72%) of respondents obtain this information via social media. In addition to social media, influencers and media personalities were found to be key opinion leaders in the crypto promotion space.
Regarding South Africans’ apparent preference for social media platforms as their first choice source of information, Kucoin CEO Johnny Lyu told Bitcoin.com News that.
According to data revealed by Statists, 30 million South Africans are users of social networks, a figure that is expected to grow to 40 million users by 2026. The country has seen a surge in influencers, TikTok bloggers, and creators, proving that social media is an easy and accessible source of income The example of well-known bloggers of African descent, such as Khaby Lame, has shown that many Africans are seeking work, income, and meeting encouraging them to spend more and more time on social networks.
Liu also noted that social media has become the quickest way for users to get information. He said this is especially true now that “users’ time is fragmented and getting information quickly and effectively has become a mainstream way of life.”
South Africa’s unequal distribution of wealth
On the other hand, in terms of demographics, the cryptocurrency exchangeoffound in its survey that crypto investors in South Africa are “predominantly male and of the younger generation.” Men are estimated to make up 60% of crypto investors, and about 42% of investors are believed to be between the ages of 18 and 30. Meanwhile, the study exposes South Africa’s unequal distribution of wealth and the seeming use of crypto by low-income people as a tool to remedy the situation.
“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 and 16% earn more than $50,000 in the same period,” the research report explains.
While the findings suggest that interest in cryptocurrencies is growing, the constant reports of South African crypto investors losing their money to scammers nonetheless have attracted the attention of regulators, who are cracking down on crypto entities and the public against investing in cryptocurrencies. responded by warning.
However, despite the regulators’ response, the survey found that South African crypto investors “maintain a positive attitude” toward cryptocurrencies because they have proven that they “can improve people’s financial standing.” Such adoption of cryptocurrencies generally has the right impact on the local crypto market, which, in turn, helps weed out fraudulent individuals and players, the report said.
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