Africans started investing in crypto to cover their children’s education, and most of them are from Nigeria, Kenya and South Africa, where there is already a high volume of crypto trading. So read more on our latest crypto news today.
According to a recent survey, most crypto investors come from Nigeria, Kenya, and South Africa when entering the digital asset market with long-term goals like safeguarding their family lives. London-based company LUNO conducted a survey of 7,000 respondents from Nigeria, South Africa, the UK, Australia, Kenya, Indonesia and Malaysia to determine their motivations for engaging in cryptocurrencies.
According to the results, most of the residents of the three African countries are tech savvy and invest in meaningful and long-term goals, as 69% of them study cryptocurrencies to improve their families’ quality of life.
On closer inspection, 48% of them will use their digital assets salary to educate their children, compared to 43% of them also to set up a fund to pass on to their relatives. About 3% of them said they had no plan for making these investment decisions. Marius Reitz, General Manager of Africa at Luno, described the situation in Africa as a crypto revolution and added that there is a lot of potential on the continent:
“In the past few weeks, the scale of the crypto revolution in Africa has received a lot of attention, and while its potential is extremely exciting, it is important that we ensure that consumers participate safely and responsibly in this transition.”
However, a large percentage of locals lack basic knowledge of cryptocurrencies, which is why they do not consider investing in them. 55% of Nigerians said they have no understanding of the type of property, while the same percentages in South Africa and Kenya are 56% and 64%, respectively. Most participants from the UK, Australia, Malaysia, Australia and Indonesia shared different arguments for entering the digital assets space compared to African residents. Roughly 40% of people in Australia said they invested in crypto to save for a property while adding to their pension fund, as the best answer of any other respondent in the UK and Indonesia.
The results showed that about 1/3approx of crypto investors with around 10% of their portfolio in digital assets, 12% have 11 to 20% and 10% have 21 to 30% of their assets in BTC. The survey also shows that crypto owners are more likely to hold different types of financial assets than the general population.
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