A recent study conducted by Kenyan research firm Kasi Insights has found that the majority of Africans have never owned cryptocurrency. Out of those surveyed, 82% admitted to never owning any form of digital asset, while only 8% claimed to be holders of cryptocurrencies such as Bitcoin. Despite this, 66% of respondents reported being exposed to cryptocurrencies. However, only a small fraction of those with exposure (8%) claimed to have a significant amount of exposure. These findings challenge the belief that Africa has embraced crypto, as well as debunk popular notions about leading crypto countries on the continent. The report highlights poorer countries like Namibia and Angola as having higher adoption, awareness, and usage rates compared to wealthier countries like Kenya and South Africa.
The report suggests that government support or endorsement is crucial for mass adoption of cryptocurrencies. It also encourages crypto market participants to establish relationships with local authorities to generate awareness and influence favorable regulations. In terms of demographics, the study shows that millennials account for 60% of African crypto investors, while the baby boomer generation represents just 1%. Additionally, the majority of African investors are male, making up 54% of the total. When asked about their motivations for investing in digital assets, one-third of respondents said they wanted to make money quickly, while 28% wanted to diversify their portfolios, and 17% didn’t want to miss out on the opportunity.
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