The majority of crypto owners from Nigeria, Kenya, and South Africa deal with cryptocurrencies so they can provide a better future for their children.
According to a recent poll, most cryptocurrency investors from Kenya, Nigeria, and South Africa have entered the digital asset market with long-term goals such as securing their families’ wellbeing.
Crypto to Fund Children’s Education
The London-based company – Luno – conducted a survey with nearly 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia, Indonesia, and Malaysia to determine the reasons that drove them into getting involved with digital assets.
Per the results, most residents of the three African countries are financially savvy and invest in sensible and long-term goals as 69% of them deal with crypto to provide a better life for their families.
Taking a closer look, 48% would allocate their salaries in digital assets to pay for their children’s future educational costs. In comparison, 43% would do the same to establish a fund to pass on to their relatives. Only 3% admitted they have no plan when making investment decisions.
Marius Reitz – Luno’s General Manager for Africa – described the situation in Africa as a “crypto revolution,” adding that there is vast 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 large proportion of the locals lack basic knowledge about cryptocurrencies, which is why they would not consider investing in them. 55% of Nigerians revealed they don’t understand anything about the asset class, while the percentage in South Africa and Kenya stood at 56% and 64%, respectively.
What about The Rest of The Countries?
The majority of the participants from the UK, Indonesia, Australia, and Malaysia shared somewhat different arguments for entering the digital asset space than the African residents.
41% of Australians admitted they invest in crypto to save for a property while adding to the pension pot is the top answer for the participants from the UK, Indonesia, and Malaysia.
The results also informed that nearly one-third of crypto investors have up to 10% of their portfolio in digital assets. 12% have 11 to 20%, and 10% have allocated 21 to 30% of their wealth in bitcoin or the altcoins.
Additionally, the survey revealed that crypto holders are much more likely to hold other types of financial assets versus the general population. For example, 4% of the Kenyan participants said they own both digital assets and gold, while this metric jumped to respectively 39% and 63% in Malaysia and Indonesia.