An independent firm namely KLA involved in researching and compilation of business market has concluded a survey in South Africa which shows that approximately 47% of the country’s population over the age of 18 have been owning and possessing virtual assets. However, amongst this 47% people, the majority comprises of those who have invested at an average of US$ 70 each in virtual currencies and assets. Furthermore, there are more than 36% South Africans who are ready and willing for investing some portion of their money into virtual assets in the near future.
It is said that when it comes to crypto usage and adoption, South Africans are still in the process of testing virtual assets. However, this belief is apparently wrong because a survey was commissioned in South by an independent researcher namely KLA. The survey questioned the people if they have invested into virtual assets or that they owned any and/or would they be investing in crypto in the near future. Collectively, it was found out through the survey that at least 25% South Africans have invested in crypto one way or the other.
According to Tessa Nowosenetz of KLA, approximately 47% adult population in South Africa are owners of virtual assets and currencies. However, in the words of Nowosenetz, the average of virtual asset investment is considerably very low. The reason for this low average is that though many in South Africa partially understand crypto, yet they want to learn more. This is the major reason why majority of the South Africans are holding back from investing too much into crypto.
There is yet another reason why many of the South Africans are constrained to invest. The reason is that South Africa is known to be a hub for pyramid crypto schemes. Already, they have been more than enough crypto fraud schemes and amongst the most notorious is one which is known as “MTI”.
MTI is responsible for committing an exit scam involving crypto. It is on record that billions of dollar worth of South African investors’ money was single-handedly looted by the operators of MTI. A Court in South Africa is currently adjudicating upon the matter and an interim order appointing court liquidators too has been passed. But still no redressal in the shape of compensation or refund of money has been granted to MTI’s victims.
Survey findings reveal that at least 25% of the surveyed individuals have invested with an average starting from US$ 7 upto 70. Amongst them, 13% are those respondents whose crypto assets’ worth is in between the range of US$ 70 upto 700. A survey suggests that considering the overall percentage of crypto users, the amount of investment South Africans are putting in is on the lower side. However, the usage and ownership is on the high side. Most importantly, there is an influx of South African investors, averaging 36%, who are willing to invest in near future, advises survey.