According to a survey performed among people in Nigeria, South Africa, and Kenya, more Africans want to buy cryptocurrency for the first time this year.
The Gemini Survey reports one out of every five persons in these nations has crypto (22 percent), but 36 percent of those who do not hold crypto plan to do so this year.
Furthermore, hundreds of respondents in the chosen countries believed that cryptocurrency was the way of the future; 63% in Nigeria, 57% in South Africa and 54% in Kenya.
The Gemini survey also indicated that Africans trust cryptocurrency, despite the fact that lack of information was the main factor for people not owning cryptocurrencies:
Trust: There is a lot of trust in Africa, with only 14% of non-owners indicating they haven’t bought cryptocurrency because they don’t trust it, compared to 27% overall.
Education: More instructional tools would help individuals become more comfortable acquiring cryptocurrencies, according to 56 percent of respondents, compared to 40 percent overall.
Access: 59 percent of respondents believe cryptocurrency is accessible to everyone, compared to 43 percent globally.
More crypto owners in Africa reported holding for the long term rather than actively trading, similar to the rest of the world. Despite this, African owners stand out, with at least half (53 percent) claiming to be regularly trading their cryptocurrency. Nearly half (46%) of respondents in Latin America and Africa feel that certain cryptocurrencies are a wonderful method to protect against inflation,’ according to the report.
“Respondents in countries with 50% or more devaluation against the dollar over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year, compared to those who experienced less than 50% inflation over the same time period.” according to the Gemini report.
The survey involved 1, 217 in Kenya, 1214 in Nigeria and 1234 in South Africa.
Sourced from BiTKE