South African Cryptocurrency Ownership Rate at 10% — Report
With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countries for crypto adoption,” the latest Finder’s report has said. The report also noted that South Africa’s propo...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countries for crypto adoption,” the latest Finder’s report has said. The report also noted that South Africa’s proportion of crypto owners holding bitcoin, 52%, is the third highest out of 26 countries.
Just Over Half Own BTCAccording to Finder’s crypto adoption trends report for August 2022, about four million people, or 10% of South Africans, are cryptocurrency holders. With this crypto ownership rate, South Africa is ranked eighteenth out of twenty-six countries for crypto adoption, the Finder’s report said.
Also, according to the report, South Africa’s crypto ownership rate of 10% is five percentage points lower than the global average of 15%. Regarding the cryptocurrencies held or owned by South Africans, the report said half of the respondents own bitcoin while the remaining half is split between three altcoins.
“As it stands, roughly 5% of those surveyed in South Africa say they own Bitcoin (BTC), with 2% saying they own Ethereum (ETH), 2% own Dogecoin (DOGE) and 1% own Cardano (ADA),” the report said.
Men Account for a Large Share of Crypto OwnersMeanwhile, South Africa’s proportion of crypto owners that own bitcoin (52%) means the country is ranked third globally just behind Australia (60%) and Ghana (54%). The global average according to Finder’s report is 37%.
In terms of gender, the report found that out of South Africa’s 4 million cryptocurrency owners, men account for 65% of these individuals. Globally, Norway comes in with 74% of its crypto owners being men while Colombia and Vietnam are tied, with 56%.
In South Africa, those aged between 18 and 34 account for 45% of crypto owners. On the other hand, “those aged 55+ are the group least likely to own crypto, making up just 23% of crypto owners.”
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Why this matters
This research story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
EU lawmakers target crypto and opaque ownership in corruption fight
The EU's anti-corruption strategy could enhance transparency, reduce illicit financial activities, and strengthen trust in governa...
Ledger investigates potential wallet tampering after reports of $86 million in crypto stolen
The hardware wallet maker said it is investigating devices sold by a Southeast Asian reseller as social posts swirl about crypto a...
Europol says crypto’s quantum upgrade could take years and urges work to start now
Europol, the EU’s law enforcement agency, is urging the cryptocurrency industry to begin preparing wallet and protocol upgrades fo...
IMF Flags $300T Tokenization Gap, Warns 24/7 Markets Could Amplify Market Risks
Key Takeaways: About $300 billion – $350 billion are traded in tokenized repos every day, which remains significantly smaller than...
Locked liquidity did not stop this $14 million crypto pool drain
The PancakeSwap pool for 79AU, 79thVault’s token, lost $14.35 million in USDT on Oct. 7 through two selling wallets, according to...
MARA transfers $81.1 million in bitcoin to Galaxy Digital as strategy pivots to AI
The bitcoin miner’s transfer does not confirm a sale, but comes as its treasury has fallen from 53,822 BTC in February to 35,577 B...