According to a recent survey, most crypto investors from Kenya, Nigeria and South Africa have entered the digital asset market with long-term goals such as securing the well-being of their families.
Cryptography to finance children’s education
London-based company Luno conducted a survey with nearly 7,000 participants from Nigeria, Kenya, South Africa, UK, Australia, Indonesia and Malaysia to determine their reasons for becoming involved in digital assets.
According to the results, most of the residents of the three African countries are financially savvy and invest in reasonable and long-term goals as 69% of them deal with cryptocurrencies to provide a better life for their families.
Taking a closer look, 48% of their salaries will go into digital assets to pay for their children’s education in the future. In comparison, 43% would do the same to establish a fund to pass on to their relatives. Only 3% admitted that they had no plan when making investment decisions.
Marius Ritz – General Manager of Luno for Africa – described the situation in Africa as a “crypto revolution”, adding that there is huge potential on the continent:
“In recent weeks there has been a lot of interest in the scale of the cryptocurrency revolution in Africa, and while its potential is very exciting, it is imperative that we ensure that consumers participate in this transformation in a safe and responsible manner.”
However, a large percentage of the local population lacks basic knowledge of cryptocurrencies, which is why they would not consider investing in them. 55% of Nigerians revealed that they do not understand anything about the asset class, while those in South Africa and Kenya were 56% and 64%, respectively.
What about the rest of the countries?
The majority of participants from the UK, Indonesia, Australia, and Malaysia shared somewhat different arguments for entering the digital asset space than those made by African residents.
41% of Australians admitted to investing in cryptocurrency to save on property while adding a pension fund is the number one answer for respondents from the UK, Indonesia and Malaysia.
The results also indicated that nearly a third of cryptocurrency investors own up to 10% of their portfolio in digital assets. 12% own 11-20%, and 10% have dedicated 21-30% of their wealth in bitcoin or altcoins.
Additionally, the survey revealed that cryptocurrency holders are more likely to hold other types of financial assets versus the general population. For example, 4% of Kenyan respondents said they own digital assets and gold, while this metric jumped to 39% and 63%, respectively, in Malaysia and Indonesia.
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