South African CryptoCurrency Survey
3 min read

Latest Insights from Cryptocurrency Survey in South Africa

By Editorial Team

South Africa is indeed an interesting country when it comes to cryptocurrency. This has now being confirmed by a recent survey that asked a range of tech-savvy South Africans about their Bitcoin habits. These are also quite surprising as they are vastly different from the habits in other countries.

For example, although the majority of South Africans own some cryptocurrency, the median amount that the citizens own is between 0-R5,000 ($370). This shows that while they may be adopting the idea, they are also quite risk averse.

The Forefront of Africa

While Bitcoin is being greeted with suspicion in a number of countries, South Africa would indeed appear as a crypto friendly region. For example, the finance minister expressed positive sentiments about Bitcoin and a large retailer started carrying out tests for recieving payments in Bitcoin.

The minister in question, Malusi Gigaba, said that he sees a lot of potential for cryptocurrencies in the South African market. Similarly, the South African Reserve Bank (SARB) has implemented a number of regulation frameworks for early stage crypto startups to operate. This was done to test the practicality of cryptocurrency use in South Africa.

South Africa is also leading the way with some interesting startups in the cryptocurrency and blockchain space. For example, it holds the largest exchange in Africa, Luno that is increasing volume every month. There is also a startup called Custos Tech that is aiming to reduce online piracy through blockchain solutions.

These developements are no mistake. A recent study of Google search results showed that South Africa had the most searched for Bitcoin and cryptocurrency related queries per capita than any other country.

It is not just for savings and currency hedge purposes that South Africans are interested in Bitcoin. Pick n Pay, one of the country’s largest retailers was testing the viability of accepting payments at their tills accross the country.

Look at Survery Findings

The survey was conducted by interviewing 1,598 people accross the country. They asked these people how many of them held cryptocurrency and how much each of them held. The findings showed that although 54% of people held cryptocurrency, 44% of this group held less than R5,000 (c. $370).

Another 20.65% of this group said they held between R10,000 and R50,000. Surprisingly, only about 3% of the group held more than R500k in cryptocurrency (c. $38k).

Although this does point to a more risk averse climate in South Africa, the survey did find that a large majority intend to invest more of their savings over the coming year into cryptocurrencies. This was probably as a result of the volatility and unreliability of the local currency.

Featured Image via Fotolia

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Related Posts

SwissBorg Capital Raise
What Bear Market? SwissBorg Charges Ahead Amidst Harsh Crypto Conditions 
SwissBorg Capital Raise

What Bear Market? SwissBorg Charges Ahead Amidst Harsh Crypto Conditions 

December 17, 2022 6 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read