South Africa
9.4% of South Africans own cryptocurrency
How many cryptocurrency owners are there in South Africa?
It is estimated that over 6 million people, or 9.44% of South Africa’s total population, currently own cryptocurrency.
South African cryptocurrencies ownership demographics
Breaking down cryptocurrency ownership by income, 77% of South African cryptocurrency owners have an annual income of R450,000 or less. This suggests that cryptocurrencies are largely owned by low to middle-income South Africans.
A large majority of South African cryptocurrency owners are in the 18-44 age group (83%). Only 7% of them are 55 and above. This suggests that cryptocurrencies are largely owned by South African millennials.
South African cryptocurrency owners are likely to be highly educated; 46% hold a bachelor’s degree or higher.
Main findings
From our survey, we see that 86% of South African adults have heard of cryptocurrencies. This has risen across our data findings by a significant 20 percentage points in 2022, from 66% in 2021.
People are increasingly viewing cryptocurrency as a safe asset and alternative to national currencies, with more than 46% of cryptocurrency owners holding more than ZAR10,000 in crypto. A significant number of cryptocurrency owners (12%) also have more than ZAR100,000 in cryptocurrency.
Bitcoin remains the most popular cryptocurrency among South African cryptocurrency owners, with more than 79% of respondents holding it. Ethereum follows closely in second place, with its wide range of applications, followed by Tether (USDT), Ripple (XRP), and other Altcoins.
Cryptocurrency purchase attitudes
The majority of South African cryptocurrency owners (52%) are already using cryptocurrency for purchases, suggesting that cryptocurrency is increasingly becoming a mainstream form of payment.
Around 40% of cryptocurrency spenders are spending more than ZAR10,000 of cryptocurrency for purchases monthly, with a significant amount (12%) being large spenders of more than ZAR100,000 monthly.
Survey results show that cryptocurrency payment services are eagerly anticipated across the retail industry. South African respondents showed interest in all the major categories ranging from Entertainment, E-commerce and Luxury Retail, etc.
Future Outlook
Cryptocurrency is gaining the attention it deserves. 2021 was the year cryptocurrency was in the spotlight, as major institutions, celebrities, and public figures all jumped on the bandwagon. Bitcoin and other cryptocurrencies also broke through all-time highs.
The majority of South African survey respondents (63%) plan to increase their cryptocurrency holdings over the next year.
The majority of non-digital-currency respondents (68%) cited a lack of knowledge, suggesting strong potential to increase cryptocurrency adoption through targeted education and awareness.
Additionally, greater adoption of cryptocurrency payment options across merchants can have a network effect, accelerating its adoption among the populace, given that 23.9% of respondents cited not owning cryptocurrency because their current merchants do not accept it.
