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Finder Cryptocurrency Adoption Index
The definitive ranking of the most popular cryptocurrencies across 26 countries.
Finder’s Cryptocurrency Adoption Index measures the growth of cryptocurrencies worldwide through an ongoing survey of internet users in 26 countries.
The November 2022 update will be the final update of this series.
Key South African crypto adoption trends for November 2022 report
South African crypto ownership
4.6M South Africans own crypto.
Most owned crypto
46% of crypto owners have ₿itcoin.
Cryptocurrency adoption statistics in South Africa
South Africa ranks 17th out of 26 countries for crypto adoption, according to Finder’s Crypto Adoption November 2022 report, which has so far surveyed 389,345 people in 26 selected countries (14,431 in South Africa since April 2022).
The crypto ownership rate in South Africa is 11%, which is lower than the global average of 15%. India leads the way at 29%, with Germany at the other end of the spectrum with 6%.
Globally, ownership sits at 15% for the November 2022 report, following 14% in the previous report.
As it stands, roughly 5% of those surveyed in South Africa say they own Bitcoin (BTC), with 3% saying they own Ethereum (ETH), 2% own Dogecoin (DOGE) and 2% own Cardano (ADA).
Popular cryptocurrencies in South Africa
Out of the coins looked at for the survey, Bitcoin (BTC) is the most popular cryptocurrency with crypto owners in South Africa followed by Ethereum (ETH) and Dogecoin (DOGE).
Bitcoin adoption in South Africa
In the November 2022 report, roughly 46% of crypto owners in South Africa said they own Bitcoin. This is above the global average, which sits at 36%.
Australia sits atop the table, with 59% of crypto owners holding BTC. At the other end is Mexico, where roughly 23% of crypto owners say they own Bitcoin (BTC).
Ethereum’s popularity with crypto owners in South Africa
Ethereum (ETH) sits in the wallets of roughly 25% of crypto owners in South Africa — above the global average (24%). Crypto owners in Australia are most likely to have ETH in their wallet (46%) and crypto owners in Venezuela have the lowest ownership (12%).
Ownership of Dogecoin (DOGE) in South Africa sits below the global average of 19%, with roughly 19% South Africans who own crypto holding the asset. United States leads the way for DOGE at 24%, whereas just 12% of crypto owners in Venezuela say they own the memecoin.
Adoption of Cardano sits at approximately 13% of crypto owners following the November 2022 report, which is below the global average of 18%. Cardano is most popular with crypto owners in Hong Kong (26%), whereas just 11% of crypto owners in Nigeria say they hold ADA.
Men in South Africa more likely than women to own crypto
Of those in South Africa who own crypto, 62% are men and 38% are women.
There is a wide gap in adoption of crypto between men and women. Of those who own crypto, an average of 37% are women compared to 63% who are men. United Kingdom actually has the widest gap, with 75% of people that own crypto being men. Vietnam is the closest between the sexes (crypto ownership being 53% men, compared to 47% women).
Age trends for crypto ownership in South Africa
Those aged 18-34 in South Africa lead the way in terms of the crypto split, making up 42% of crypto owners. Those aged 55+ are the group least likely to own crypto, making up just 21% of crypto owners.
Finder regularly survey individuals across 26 countries to analyze cryptocurrency adoption rates, investment diversification and the demographics of investors.
Beginning in April 2022, Finder switched its method to a three-month rolling average. The July 2022 report will be the first to present data using the three-month rolling average, which is made up of responses gathered between April and June 2022. The August report will display May through July 2022 and so forth. So far the survey using the new method has garnered 389,345 responses.
The survey is designed by Finder and conducted by Google in all territories except for the first run in Australia, where the survey is conducted by Qualtrics/SAP.
Participants are internet, smartphone and Google AdMob users or Qualtrics research panel participants. Sample sizes range from 1,000 to 2,500 people and are directly proportional to population size. Participating countries are selected based on global Finder site traffic and availability on research platforms.
Survey results are analyzed using Google’s Data Studio, which provides weighted averages for the top-level responses, along with breakdowns for sex and age.
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