Cryptocurrencies seduce South Africa: Bitcoin, the big winner?

Crypto and Rainbow Nation – If in Western countries, DeFi or NFT carried by Ethereum (ETH) are on the rise, in emerging countries, it is above all a reliable alternative to state currencies that is sought after: Bitcoin (BTC). It is particularly in South Africa that the adoption of the king of cryptos is particularly strong.

Crypto adoption on the rise in South Africa

The adoption of cryptocurrencies is in full growth around the world, with ever more holders of digital assets. The global average of individuals with at least one crypto would have risen to 15.5% in December 2021, according to a recent Finder poll.

In South Africa, this percentage also increased in the last quarter, from 10.3% in October 2021 to 11.3% in December 2021. Even if this rate of possession is still slightly lower than the world average, the South Africans questioned are particularly interested by the cryptosphere. 47% of respondents believe that crypto-assets represent “a good investment”.

This interest is particularly strong among youth, since near the half of cryptocurrency owners (48.7%) have between 18 and 34 years old, compared to 32% for those aged 35-54, and 19.3% for those aged 55 and over.

Percentage of cryptocurrency owners by age group – Source: Finder

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Bitcoin is particularly popular

One of the most remarkable points of this survey of 2,003 South African Internet users questioned (that’s precise) is that Bitcoin is by far the most sought after cryptocurrency. These are so 56% cryptocurrency owners who explain that they hold BTC.

The ethers of the Ethereum network only come in second place, with 31.5% out of total South African crypto investors. The token XRP of Ripple comes next, with a percentage of 25.8% overall.

Bitcoin first crypto owned South Africa
Main cryptocurrencies owned in South Africa – Source: Finder

It will also be noted from this survey that these are mostly men who own cryptocurrencies in South Africa. The women representative only 32% owners, against 68% for the men.

This survey confirms the strong interest of the African continent for cryptocurrencies, Bitcoin in the lead. Indeed, a previous survey, in September 2021, had already highlighted the explosion in the use of cryptos in Africa, especially for small transactions.

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