Cryptocurrency adoption is on the rise in South Africa, according to Finder.com’s latest Cryptocurrency Adoption Index. 11% of South African adult internet users, or an estimated 4.5 million people, said they owned cryptocurrency in the December survey, up from 10% in October – an increase of one percentage point.

Bitcoin is still the most popular coin to own (6.3%), followed by Ethereum (3.5%) and XRP (2.9%).

Cryptocurrency ownership in South Africa is below the global average of 15% but higher than countries like the United States (10%), Germany (8%), and the United Kingdom (6%).

Out of the 27 countries surveyed in the study, South Africa ranks 21st in terms of cryptocurrency ownership.

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Meanwhile, Vietnam has the most cryptocurrency investors (29%), followed by India and Australia (23% each), while Japan and the UK have the fewest crypto investors (6% each).

Popular cryptocurrencies in South Africa

Of the people in South Africa who said they own some form of cryptocurrency, 56% of crypto owners own Bitcoin, making it the most popular cryptocurrency. 

The second most popular coin is Ethereum at 31.5%, with Ripple in third place at 25.8%.

Men in South Africa most likely to own crypto

In South Africa men are more likely to own cryptocurrency: Roughly 14.1% of men in South Africa say they hold crypto compared to 8.5% of women. This aligns with global trends. Our December research found more men said they owned crypto than women in 24 out of 27 countries surveyed.

South Africa sees young people dominate crypto ownership

Globally, crypto ownership is dominated by the young, with an average 56.1% of owners aged 18 to 34. And South Africa is no different.

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In South Africa, those aged 18-34 dominate crypto ownership at 48.7%, while at 32%, 35-54 year olds are the next most likely group to say they own crypto. Those aged 55+ come in last with 19.3%.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry