South Africa has been ranked amongst the top countries when it comes to cryptocurrency ownership. How many South Africans own and use cryptocurrencies? It is estimated that 16% of the population own and even use cryptocurrencies in their every day lives.
How many South Africans own and use cryptocurrencies?
A crypto news outlet, Statista, recently concluded a survey that showed that South Africa ranked in the fifth position as the country with the highest cryptocurrency ownership among internet users. More than 400 000 people in 46 countries participated in the survey.
According to the Statista Global Consumer Survey, Turkey had the highest number (20%) of people who own cryptocurrencies. It is estimated that one in five Turks own or use cryptos.
In second place is Brazil and Colombia with 18% cryptocurrency ownership. Argentina and South Africa both had a 16% cryptocurrency ownership rate.
Furthermore, Spain also had one of the highest crypto adoption rates in entire Europe. South Africa scored higher than other Western European and English-speaking nations.
Japan came in as the country with the fewest people owning and using cryptocurrencies. Only 3% of Japan own cryptos.
South Africa leading the way in the mass adoption of cryptos
A blogger on Hacker Noon, Olivier Acuna, said that it should come as no surprise that so many South Africans own and use cryptos. South Africa is known for its relatively high inflation rate and a large number of people living in poverty. According to Trading Economics, 30 million South Africans live in poverty whilst Bloomberg reports daily on the downturn of Gross Domestic Products and investments. Furthermore, the unemployment rate is currently at 29%.
So, does this mean that more people in economically troubled countries turn to cryptos than counterparts in thriving countries?
The data suggests that the mass adoption of cryptos is most likely to take place in countries like South Africa. Already, Electroneum has become a favorite amongst South Africans. One can now top up mobile airtime and data with Electroneum and some taxis even accept Electroneum as payment!
In conclusion, it’s a fact that just about everyone in SA has a smartphone and thus have access to cryptos. This paves the way for the mass adoption of cryptocurrencies and blockchain in the country.
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