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Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have indeed risen in popularity in the past year as people who invested in it are in high hopes that they might get huge returns. Africans have also hopped on to the crypto hype train as a recent survey suggests.
A cryptocurrency survey
The crypto platform of Luno conducted such an inquiry and asked 7,000 respondents in South Africa, the United Kingdom, Nigeria, Malaysia, and Kenya as to why they invested in cryptocurrency. The results showed that in the three African countries that were mentioned (South Africa, Nigeria, and Kenya), 69 percent of the participants stated that they purchase crypto for them to improve their way of living.
Crypto investment for the future
Also, 48 percent of them revealed that they invest in these digital assets to pay for their children’s education. Those who answered that they intend to leave some for their next-of-kin are not too far behind at 43 percent. Three percent of them, on the other hand, stated that they’re not planning to purchase or even invest in crypto. Despite the last letter, this is indicative that there’s indeed a growing market for cryptocurrency in those African countries, not to mention that it shows how financially savvy these people are since they’re into investing for practical and long-term goals.
Luno on what Africa’s crypto revolution
In line with this, Luno’s General Manager – Marius Reitz – said that in recent weeks, there has been a lot of focus on the scale of the cryptocurrency revolution in Africa adding that while it has a huge potential, it’s still important that they ensure that consumers direct such transformation in a safe and responsible way. He also said that their survey has given a huge boost in confidence that such development is taking place. Further, Reitz stated that they’ve always paid close attention to promoting safe practices as an exchange via zeroing in on self-regulation. He went on to say that it’s motivating to witness customers doing the same through a well-informed take in investing.
Other findings of that survey suggest that when these participants were asked what best describes their investment strategy, 35 percent of them said that they limit speculative investments to a small percentage of their funds. 32 percent replied that they usually react whenever they see changes within the market and later on invest wherever they feel confident. Lastly, 29 percent deemed their investment strategy as having a plan and holding on to it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
