Study Shows That 47% of South Africans are Crypto Investors
As confidence in cryptocurrency grows, a KLA report shows that 47% of South African adults are invested in cryptocurrency; the majority hold between $7 to $70 on average.
Many have confidence in the cryptocurrency market, as much of the populace increasingly invest by the thousands in the high-risk market. Some countries are still experimenting with digital currencies.
South Africa poses an example for market research in cryptocurrency: According to KLA, a market research company in South Africa, 47% of South African adults have invested in cryptocurrency. However, the majority don't hold much in their accounts: 25% of those who reported having cryptocurrency hold between $7 to $70. On the other hand, 13% of digital asset investors hold between $70 to $700. Finally, 3% of cryptocurrency holders own over $3,400 in digital currencies.
Furthermore, when it came to the reasons behind their investments, findings show that 20% of participants in the study have invested in cryptocurrency to 'diversify their portfolio,' whereas 16% of respondents invest simply because it is accessible to the public.
Although the majority hold small investments, Businesstech mentioned that the KLA found that 36% of South Africans would invest in digital currencies in the future, as long as they come to understand how the market works. Many are interested in making quick cash rather than simply 'sleeping' on the investments as their values hike with time. On the other hand, a meager 4% reported that they choose not to invest due to the market's high-risk market.
With rising prices and unregulated money printing, inflation has become a concern not only for US citizens but also many dependent economies around the world who are subject to manipulation by the Federal Reserve: for many, cryptocurrency has become an inflation hedge and a rewarding source of long-term investment.