A recent study by KLA and reported by Bussinesstech has revealed the amount of crypto holdings amongst South Africans. The study found that nearly 50 percent of adults in the country are crypto holders, and that the majority of this people have low-value investments in crypto.
In the study, 47 percent of the adult population in South Africa are crypto holders. However, the amount being held by the majority of this same population is of little value. This indicates that many of them are not crypto literate or have poor enlightenment about crypto.
KLA’s Tessa Nowosenetz further explained the rationale behind the low-value investment: “While this percentage is high, the amount invested is low. This indicates that the bulk of South African crypto investors are experimenting and dabbling without making a significant financial commitment.”
Per the available data, 25 percent of the respondents have between $7 and $70 worth of crypto investment. At the same time, about 13 percent of the respondents hold around $70 to $700 worth of crypto.
Also, the study stated that only 3 percent of the respondents hold significant crypto investment around $3,400. Unsurprisingly, the remaining 53 percent of the respondents said they were not interested in crypto investments.
The main appeal and advantage of crypto is the perception that there is an opportunity to make considerable gains on your investment in the short-term, with 43% stating this as their main reason for interest in crypto.
The study deduced that most of the respondents do not go all-in in crypto, but several of them are still willing to learn about the evolving market. It concluded that many are coming in because of their interest in quick gain.