Most people invest in cryptocurrencies like Bitcoin (BTC) with the aim of earning a good return. However, the motivation varies from investor to investor. One saves to buy a nice car, the other to pay for her children’s education. A recent study conducted by Luno showed that many Africans are buying cryptocurrency mainly with the aim of their families.
Luno asked a total of 7,000 respondents in South Africa, the UK, Australia, Malaysia, Nigeria and Kenya why they invested in cryptocurrency. 69% of the residents of the three African countries (South Africa, Kenya and Nigeria) say they buy cryptocurrency to provide a better life for their families.
48% say they invest with the specific goal of being able to pay for their children’s education, and 43% do so with the goal of leaving something behind for the next of kin. Only 3% said they had no plan when buying cryptocurrency. According to the Luno manager, this indicates that a crypto revolution is underway in Africa:
“In recent weeks there has been a lot of focus on the scale of the cryptocurrency revolution in Africa, and while the potential is great, it is essential that we ensure that consumers navigate this transformation in a safe and responsible manner.”
According to many, crypto offers a great result, especially in Africa. Many Africans do not have access to banking services. By doing so, crypto makes the economy on the continent more inclusive and can accelerate growth.
It is therefore not surprising that many eyes are on Africa as cryptocurrencies continue to rise. Cardano (ADA) is one of the projects focused on Africa. This month, representatives of the project will visit several African countries. As Twitter CEO Jack Dorsey has repeatedly pointed out, crypto presents a great opportunity for the continent.
