Although Bitcoin, the number one cryptocurrency in the decentralized market, has lost value in recent weeks, it has not stopped South African citizens from buying it. According to reports, South Africans are getting more involved in the crypto market to avoid the effects of the devaluation of the Rand.
A 2019 Hootsuite report noted that South Africa ranks first in the world for the highest percentage of internet users who own cryptocurrencies with 10.7 percent of internet users in South Africa owning crypto. This was the highest ratio globally, with Thailand and Indonesia following suit at 9.7 and 9.3 percent respectively. South Africa ranked above some of the renowned crypto powerhouses including Switzerland at 7 percent, South Korea at 6.3 percent, the U.S at 5.3 percent, and Japan at 4.3 percent. Additionally, according to the Finder Cryptocurrency Adoption Index, South Africa ranks 17th out of 27 countries for cryptocurrency ownership. This is 4 places higher than its January 2022 rank.
Revix, a crypto platform in South Africa, has reported that there has been a 500% increase in operations this year. The firm clarifies that its funds reached over $70M by 2021 and have further increased.
The Revix CEO clarifies that early this year a drop in crypto adoptions was detected. Sanders Sean, who holds a senior position at Revix, believes that South Africa is one of the biggest markets for crypto and most especially for the Revix platform. To date, it is reported that at least 3 out of 10 South African citizens use crypto, while a vast majority of the population knows the virtual market.
South Africa has not only helped Revix expand its business, but it has also backed the VALR Exchange. According to Ehsani Farzam, the company’s CEO, its subscribers increased from 85000 in 2021 to 270000 in 2022.
The crypto market has offered its investors thousands of opportunities to earn money and make international operations. Mass adoption could also be motivated by the rise in demand within the global market.