The headline is a bit too exaggerated. According to the Locator Cryptocurrency Adoption Indice, South Africa has a high adoption rate for cryptocurrency. According to the survey, 56 percent of internet users claimed they owned cryptocurrency. 31 percent own Ethereum, 25 percent have Ripple, and 31 percent hold Bitcoin.
South Africans are embracing Bitcoin, despite the fact that the average BTC ownership rate among crypto owners is only 39.1%. This highlights the country’s still young crypto market. Dogecoin is a notable leader over Solana, and its popularity is believed to be due to Elon Musk hype for 2021.
Further research shows that crypto ownership is more common in men than it is for women. Only 14 percent of respondents to our survey own crypto, compared to the 8.5% of women. The general ownership trend is more popular among those aged 18-34 who hold just under half of South African crypto.
One key finding is the correlation between perceived economic transparency and crypto positivity. Nigeria is the most positive country among the surveyed countries with 81% of respondents expressing their positivity. However, the country has the lowest perceived economic transparency.
This shows that crypto is being sought out by citizens of countries that are prone to corruption.
Analysts expect strong growth in crypto investment in 2022, with DeFi and Web 3.0 projects expected to attract more participants in the short term.