Last year, a report emerged from Chainalysis, an on-chain analytics firm that crypto adoption was spreading through Africa. The report also noted that Africa had the smallest crypto economy among all the regions surveyed. As of time the report was released, Africa had pooled $8.0 billion in transaction volume and $8.1 billion for on-chain transactions.
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Finder, an online poll platform, issued another report on August 23, which contained the result of a poll conducted to assess global cryptocurrency rate. About 42,040 respondents in 27 nations were interviewed, with each country represented by between 1,160 and 2511 participants. However, African was only represented by South Africa.
Still, the Finder’s Cryptocurrency report found that 15% of South African adults own cryptocurrencies. Industry experts have argued the report may not be reliable since the number of South African respondents interviewed was insignificant compared to the population of adults within the country.
Currently, South Africa boasts of an adult population of 21.85 million. If the adult population is that large, this puts a question mark on the authenticity of Finder’s report. Notwithstanding, recent reports indicate that at least, a slew of South Africans have an idea about cryptocurrencies or even Bitcoin.
Most South Africans first meeting with Bitcoin or cryptocurrencies is likely to have been through investment scams, which have become common in the region. The Africrypt investment scam that saw hundreds of South African investors lose 69,000 BTC valued at $3.6 billion is the most recent. Prior to this, investors had lost a fortune to another scheme called the MTI Investment.
Also, Twitter founder, Jack Dorsey once tweeted recently that 32% of Nigerian adults own Bitcoin. However, he was quickly reminded that the survey that found so only interviewed between 2000 and 3000 adult Nigerians.
Despite this, cryptocurrencies have been well-received in some parts of Africa, including Nigeria. It would be recalled that Nigeria led Africa in the largest P2P trading volume for March.