Key Takeaways
- 69% of respondents venture into crypto to provide a better standard of living for their families
- 48% started investing to cater for their Children Educational need
- Crypto investors are more likely to invest in other assets.
- About 30% of respondents invest up to 10% of their money in crypto.
A research carried out recently shows that half of Nigerian, Kenyan, and South African venture into cryptocurrency as a means of actualizing long-term objectives such as Children Education.
A London Company, Luno, investigated to determine the reason behind people investing in cryptocurrency.
About 700 people extracted from African Countries are surveyed and asked questions about the reason behind their crypto trading.
According to the report of the Survey, it was found out that African are tech-oriented people who invest as a mean of actualizing a long term goal, about 69% of the respondents claims that they ventured into investing in cryptocurrency because they are willing to provide an excellent standard of living for their households.
Looking into the survey more critically, it was found that 48% of the respondents started the investment to use it in meeting their kids' educational needs, while 43% said they are investing to create a reserve that will be available to their families.
And only 3% disclosed that there is no intention behind their venture into cryptocurrency.
Marius Reitz, the General Manager for the Company in Africa explained that he sees the situation of cryptocurrency in Africa as a "Cryptocurrency Revolution" and stated that there is huge potential for the virtual coin in Africa.
Nevertheless, a higher number of local people lack knowledge about digital assets, and this accounts for their unwillingness to put their capital on these stocks.
About 55% of residents of Nigeria claim that they do not have any knowledge about the stock, 56% had the same claim in South Africa while Kenya has 64% of such people.
A large percentage of people from the UK, Australia, Indonesia, and Malaysia have a reason fairly different from that of the African countries.
About 41% of respondents from Australia claim that they are investing in crypto to use it in property acquisition while a high number of respondents from the Uk, Malaysia, and Australia said they are into the investment as a way of saving for a pension.
The research also found out that up to 30% of respondents invest at least 10% of their entire money on cryptocurrency. 12% invested 11-20% while 10% invested 21-30% of their entire capital on virtual currency.
The survey was also able to confirm that cryptocurrency investors have a higher probability of investing in other assets than other people. 4% of respondents from Kenya claim to hold both crypto and Gold while Malaysia and Indonesia have 39% and 69% of such people respectively.
There are various reasons for trading cryptocurrencies, what is yours?
