Crypto growth and adoption sees massive spread across the world. Its now a common discussion among institution and individuals. Despite the criticisms the industry receives daily, there’s still lore record of mass adoption.
The crypto space has the support of many influential people like Elon Musk. In September 2021, El Salvador legally chooses to recognize Bitcoin as a legal tender, becoming the first country to take that path.
Africa and Crypto Industry
So, South Africa is among the leads the chart of countries in crypto adoption in Africa.
Notably, The country has the most massive regulatory framework on forex trading in the whole continent.
Meanwhile, its only FSCA-regulated forex brokers can legally operate in SA.
Furthermore, regulators in the country lately isn’t focusing only on forex trading on.
Currently, the nation recognizes crypto investments as taxable assets. More so, the country records a massive increase in activities.
KLA’s account manager Tessa Nowosenetz makes a study on South African crypto behaviors and sentiment. More so, KLA is a firm that specializes in data and market research.
KLA Studies Adoption In South Africa
KLA research reveals that 15% of South Africans own cryptocurrencies. Arguably, this ranks second worldwide, meaning its the second-highest globally.
However, the data shows that investment amount is low despite the big investor’s percentage. This can show that South African investors are merely running experiments on crypto investment.
Survey data shows, 25% of South African adults hold cryptocurrencies between $7 (R100) and $67 (R1,000). While, People holding cryptocurrency worth between $67 (R1,000) and $670 (R10,000) amounts to 13%. Meanwhile, 6% of the investors own between $670 (R10,000) and $3,350 (R50,000).
However, Only 3% of the investors own cryptocurrency worth over $3,350 (R50,000), which according to the ZAR to BTC exchange rate currently equates to owning 0.0777 BTC.
Interestingly, 36% of South Africans plans to move into crypto investments in the future. This shows a great positive interest in crypto investments in the country.