According to data from market research and data specialist firm KLA, about 25 percent of South African adults hold , with 36 percent planning to invest in cryptocurrencies in the future.

KLA’s account manager, Tessa Nowosenetz said:

According to our data and a recent survey completed on the topic – among our panel of South African adults – numbers are higher, with 25% saying that they have cryptocurrency worth between R100 and R1,000.

The amount that each person has invested in crypto is different from the number of holders. Survey results show that the vast majority of holders have only invested $70 per annum, which is a sign they’re still trying out different things and not committing large sums.

Nowosenetz said that many investors believe that crypto is a way to get rich quick and that they did not know enough about the subject.

There is a chance to earn substantial returns on investments in the short term, which is what crypto has become popular for. 43% of those who are interested in it cite this as the main attraction and benefit.

Meanwhile, 17% of residents maintained that they don’t have any cryptocurrency and are not planning on acquiring any. A third of residents in this group stated that they prefer to make investments in financial products and with financial service providers that are regulated.

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