Cryptocurrency investment has become mainstream, with an increasing number of people investing in digital currency.
It is a means of poverty alleviation and earning money for the majority of young people, particularly in Africa.
As a result, according to a survey performed among adults in Nigeria, South Africa, and Kenya, more Africans want to acquire cryptocurrency for the first time by 2022.
According to the Gemini Survey, one out of every five persons in these nations has crypto (22 percent), but 36 percent of those who do not hold a crypto plan to do so by 2022 with 53 percent actively trading
Furthermore, hundreds of respondents in the chosen countries believed that cryptocurrency was the way of the future: Nigeria has 63 percent, South Africa has 57 percent, and Kenya has 54 percent.
The research by Gemini, a crypto platform founded by Cameron and Tyler Winklevoss, also showed that Africans trust cryptocurrency, despite the fact that lack of information was the primary reason for people not holding it:
Trust: There is a lot of trust in Africa, with only 14% of non-owners indicating they haven’t bought cryptocurrency because they don’t trust it, compared to 27% overall.
Access: 59 percent of respondents believe cryptocurrency is available to everyone, compared to 43 percent worldwide.
Education: More instructional tools would help individuals become more comfortable acquiring cryptocurrencies, according to 56 percent of respondents, compared to 40 percent overall.
More crypto holders in Africa, like the rest of the world, said they were holding for the long term instead of actively trading.
Nonetheless, African investors distinguish out, with at least half (53 percent) claiming to be regularly trading their cryptocurrency.
Another intriguing fact concerning cryptocurrency acceptance on the continent is that roughly half of Latin American and African respondents (46%) believe that certain cryptocurrencies are an excellent way to guard against inflation.
When compared to those who had less than 50% inflation over the same time frame, respondents in countries that experienced 50% or more depreciation versus the dollar were more than 5 times as likely to say they intend to buy crypto in the following year.
South Africa, where the local currency has lost 102.74 percent of its worth in the last ten years, has the most negative opinion.
There were 1, 217 people in Kenya, 1, 214 in Nigeria, and 1, 234 in South Africa who took part in the study.
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