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Study: 7.6 Million South Africans Are Crypto Investors, Social Media Main Source Of Crypto-Related Information

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Study: 7.6 Million South Africans Are Crypto Investors, Social Media Main Source Of Crypto-Related Information

About 22% of South Africa’s adult population, or 7.6 million people, are cryptocurrency investors, findings by a study done by Kucoin cryptocurrency exchange have shown. According to the study, 72% of the respondents said they get information concerning particular crypto projects via social media. Influencers and media personalities were also found to be key opinion leaders that are promoting cryptocurrencies.

Influencers and Media Personalities Found to Be Key Opinion Leaders

According to the findings of a new Kucoin study, about 22% of South Africa’s adult population aged between 18 and 60 (or about 7.6 million people) are cryptocurrency investors. The study also found that 65% of crypto investors “consider crypto to be the future of finance.” The report added that a large percentage of the users appear to prefer digital assets as their favored means of savings to earn stable returns.

Explaining how South Africans are sourcing information concerning crypto projects that they choose to invest in, the study findings reveal that nearly three-quarters (72%) of respondents are getting this information via social media. Besides social media, influencers and media personalities were found to be the main opinion leaders in the crypto promotion space.

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Commenting on South Africans’ apparent preference for social media platforms as their first-choice information source, Kucoin CEO Johnny Lyu told Bitcoin.com News:

The data revealed by Statists shows that 30 million South Africans are social network users, and this figure is projected to grow to 40 million users by 2026. The country is seeing a rapid growth of influencers, TikTok bloggers and creators for whom social media have proven to be an easy and accessible source of income. The examples of well-known bloggers of African descent such as Khaby Lame are encouraging many Africans to spend more and more time on social networks in search of work, earnings and dating.

Lyu also noted that social media has become the quickest way for users to obtain information. He said this is particularly true now when “users’ time is now fragmented, and obtaining information quickly and effectively has become a mainstream way of life.”

South Africa’s Unequal Wealth Distribution

Meanwhile, in demographic terms, the cryptocurrency exchange’s study found that South African crypto investors are predominantly “male and younger generations.” Men are estimated to account for 60% of crypto investors while some 42% of the investors are thought to be aged 18 to 30. The study meanwhile exposes South Africa’s unequal wealth distribution and how low-income earners appear to use crypto as a tool for redressing the situation.

“The unequal distribution of wealth in the country is well illustrated by the findings of the report, as 22% of crypto investors earn less than $5,000 a year, while 16% earn more than $50,000 during the same period,” the study report explained.

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While the study’s findings do suggest that interest in cryptocurrency is growing, the constant reports of South African crypto investors losing funds to scammers have nonetheless attracted the attention of regulators who have responded by either cracking down on crypto entities or warning the public against investing in cryptocurrencies.

However, despite the response from regulators, the study still found that South African crypto investors are “maintaining a positive attitude” towards cryptocurrencies as these are proving to be “capable of improving people’s standing financially.” Such adoption of cryptocurrencies is having the right impact on the local crypto market in general and this, in turn, helps to remove fraudulent individuals and players, the report said.

What are your thoughts on this study’s findings? Let us know in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Content creators

The Secret For Creating DeFi Content “Your Dad Could Understand”

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The Secret For Creating DeFi Content “Your Dad Could Understand”

Known only as blocmates on Twitter, Grant is a crypto content creator that “your dad could understand,” and he specializes in DeFi which often has the most difficult kinds of crypto products to understand. He recently joined the Bitcoin.com News Podcast to talk about the market:

Among the many interesting topics discussed this episode are the problems with the current DeFi ecosystem and some possible solutions, how to find good projects and what are the red flags to watch out for, can NFTs serve as a gateway to DeFi or not, and advice for newcomers how to get educated about DeFi. Grant also talked about how he transitioned from being a research scientist to a crypto researcher as blocmates came about and the challenges of breaking out as a content creator.


The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.

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This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

Bitcoin.com Media

Bitcoin.com is the premier source for everything crypto-related. Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto influencers

Crypto Influencers: Strategies To Earn Faith Of Crypto Investors In 2022

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Crypto Influencers: Strategies To Earn Faith Of Crypto Investors In 2022

Crypto influencers are set to influence your crypto wallets with profits in 2022

This is the ultimate time for influencers for, the advancements happening with smart devices and globalization. Different categories of influencers are just trending on social networking sites to create an impact on the public. Hence, the highly volatile cryptocurrency market also created ample opportunities for social media influencers to be crypto influencers. The main aim of these rising influencers of crypto is to lead the public toward this fluctuating cryptocurrency market as crypto investors. Sometimes, these crypto influencers tend to control the prices of cryptocurrencies in this cryptocurrency market.

There are multiple known and popular crypto influencers in this highly fluctuating cryptocurrency market who hold the power to control the price of any cryptocurrency. For example, Elon Musk, Michael Saylor, Mike Novogratz, Yuri Zababury, are a few names among many. They tend to integrate their deep knowledge of cryptocurrencies into earning millions of crypto investors as well as dollars simultaneously. The fanbase of influencers of crypto enables the rest of crypto investors to take tips from them before making a smart decision.

There are multiple strategies to become crypto influencers in this highly volatile cryptocurrency market, despite knowing all the risks. Let’s explore some of the strategies to earn the faith of crypto investors to create an impact on the cryptocurrency community in 2022.

 

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Gain sufficient knowledge of a cryptocurrency

No crypto investor wants to follow an unreliable crypto influencer for crypto knowledge. Thus, it is essential to focus on a niche in this global market and then start gaining sufficient knowledge to influence their decisions on smart investments. This will help in going to the top lists of crypto influencers efficiently.

 

Decide the channels to focus on

Crypto influencers must decide on specific channels to focus on, thereby increasing crypto followers and posts on a regular basis. There are different social networking sites such as Facebook, Instagram, LinkedIn, Twitter, and many more.

 

Sharing knowledge with opinion

Crypto influencers must share sufficient knowledge with their own opinion with all communities of crypto investors. It helps the followers to gain trust and a unique perspective to drive profits in digital wallets.

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Focusing on 24*7 networking

It is essential to build a cryptocurrency network virtually as well as physically to establish strong relationships with other crypto influencers and authorities involved in the cryptocurrency market.

 

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Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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