A recent study has said that 22 percent of South-African adults are investors in Cryptocurrency.
These crypto investors are between the ages of 18 and 60, the report said.
The study was conducted by the Kucoin cryptocurrency exchange.
According to the report, the teeming population of South- African youngsters investing in cryptocurrency was influenced by social media personalities.
These influencers were regarded as the driving forces behind the adoption of cryptocurrency.
With social media as the major source of information for investors, the report noted that the current figure of investors stood at 7.6 million.
About 65 percent of the investors had also described cryptocurrency as the future of finance.
For many of the respondents interviewed who preferred cryptocurrencies to traditional money, their decision was influenced by the stable income returns gotten from cryptocurrency.
The report also highlighted the inequality in the distribution of wealth among South Africans.
Based on the findings highlighted in the study, most of the country’s low-income earners were adopting cryptocurrency investment as a means to address the financial gap between them.
Identified as one of the countries with FinTech-friendly rules, South Africa, in the opinion of experts has a relatively established ecosystem.
With a relatively highly banked population and around 94 percent of the population having regular access to the internet and a mobile phone penetration of over 100 for every 100 people,
a report named it as having the highest penetration in FinTech in Africa.
The South African Startup Ecosystem Report 2022 notes that no fewer than 11,000 people are employed in FinTech across 490 tech startups in the country.
The startups also enjoy a strong Investment ecosystem, with about US$993,684,600 raised in funding between January 2015 and May 2022.
With its relatively large population and a projected year-on-year investment increase, the country remains one with increasing potential.