About 22% of adults in South Africa are cryptocurrency investors according to research by Kucoin.

This translates to 7.6 million people between the ages of 18 and 60. The study also revealed that 65% of crypto investors in the country “view crypto as the future of finance.”

According to the report, South Africa is the most financially advanced African country, which makes its economic environment conducive to the development of new technologies. He said a large percentage of users seem to prefer low-risk products, such as digital assets, as a way to save for stable returns.

Social media is the top source of crypto-related information for South Africans, as the report found that 72% of respondents rely on social media for information on the decentralized market.

A Twitter influencer in South Africa, Matlala Rathabeng, said, “Social media is the most powerful channel to introduce people to new things and allow them to network. Now it boosts people’s hope and confidence in crypto.

The report titled ‘Into The Cryptoverse’ said, “The report’s findings also shed light on the general attitude of South Africans towards cryptocurrencies, underscoring their confidence in crypto for issues related to cryptocurrencies. ‘silver.

“Many respondents prefer crypto to banks, largely because of the higher returns in the cryptocurrency market, which exceed bank interest rates.

“The demographics of South African crypto investors are skewed towards men and younger generations. Men make up 60% of crypto investors, with 42% of crypto investors being between the ages of 18 and 30. The unequal distribution of wealth in the country is well illustrated by the report’s findings, as 22% of crypto investors earn less. more than $5,000 per year, while 16% earn more than $50,000 during the same period.

“Another indicative factor is experience in the crypto market. Of the crypto investors surveyed, 22% have less than three months of crypto investing experience, while 24% have been trading in crypto for more than two years.

According to the report, South African crypto investors maintain a positive attitude despite local regulations and laws as crypto proves capable of improving people’s financial status.

He added that this adoption has a favorable impact on the local crypto market as it weeds out fraudulent individuals and players. The report states that the low percentage of employment in Africa is making people look for other ways to make money and crypto investments are one of them.