Africans start investing in crypto to pay off their children’s education and most of them come from Nigeria, Kenya, and South Africa that already have high volumes of crypto transactions so let’s read more in our latest cryptocurrency news today.
According to the recent poll, most crypto investors come from Nigeria, Kenya, and South Africa as they all entered the digital asset market with long-term goals like securing their families’ wellbeing. The London-based company LUNO conducted a survey with 7000 participants from Nigeria, South Africa, UK, Australia, Kenya, Indonesia, and Malaysia to determine the reasons that drove them into getting involved with crypto as we can see that Africans start investing in crypto.
According to the results, most residents of the three African countries are tech-savvy and invest in sensible and long-term goals as 69% of them deal with crypto in order to bring a higher quality of life to their families. Taking a closer look, 48% of them would allocate their salaries in digital assets to pay for their children’s education and in comparison, 43% of them would do the same to establish a fund to pass on their relatives. About 3% of them said they have no plan when making these investment decisions. Marius Reitz who is the general manager for Africa of Luno described the situation in Africa as a crypto revolution and added that there’s a lot of potential in the continent:
“In recent weeks, there’s been a lot of attention on the scale of Africa’s crypto revolution, and whilst its potential is hugely exciting, it’s vital we ensure consumers are engaging with this transition in a safe and responsible manner.”
However, a larger proportion of the locals lack basic knowledge about crypto 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 the same percentage in South Africa and Kenya stood at 56% and 64% respectively. Most of the participants from the UK, Australia, Malaysia, Australia, and Indonesia shared different arguments for entering the digital asset space than the African residents. About 40 percent of people in Australia said they invest in crypto to save up for a property while still adding to the pension pot being the top answer from all other respondents in UK and Indonesia.
The results informed that about 1/3rd of the crypto investors have about 10% of their portfolio in digital assets, 12% have 11 to 20%, and 10% have allocated 21 to 30% of their wealth in BTC. The survey also showed that the crypto holders are more likely to hold other types of financial assets versus the general population.
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