South Africans love cryptocurrency

Blockchain and web3 software company Consensys has released the results of its second annual Web3 and Crypto Perception Survey, revealing that South Africa ranks among global leaders for cryptocurrency adoption.

Conducted in partnership with YouGov, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18–65 in eighteen countries across Africa, the Americas, Asia, and Europe.

Consensys is the company behind Metamask, a widely-used self-custodial digital wallet for Ethereum and Ethereum Virtual Machine (EVM)-compatible blockchains.

It noted that the findings of its survey highlight South Africa’s growing familiarity with cryptocurrencies and decentralisation, positioning it as a leader in blockchain adoption across Africa.

According to the report, a remarkable 97% of South African respondents are aware of cryptocurrencies, with 54% expressing familiarity with NFTs, and of those, 47% already own them.

It should be noted that the survey was conducted online and, therefore, does not reflect the perceptions of the population without Internet access or who can only afford a small amount of data every month.

65% of respondents said they have heard of cryptocurrencies and understand what they are, whereas 32% said they’ve heard of crypto but are unsure they understand the technology.

Consensys said this level of awareness reflects a shift in how digital assets are perceived within the region, with 47% of respondents identifying crypto as “the future of money”.

In comparison to other regions, South Africa is among the leading nations in crypto wallet ownership, alongside Nigeria and several Asian countries.

Nearly half (48%) of South Africans are aware of Web3, positioning the country as a regional leader in web3 awareness.

Asked about ownership, 46% of South African respondents who have heard about cryptocurrencies said they bought some but no longer have any.

It should be noted that the survey was conducted between 23 February and 2 May 2024.

22% said they still owned some cryptocurrencies, while 32% said they have never held any crypto.

The latter figure — the proportion of South Africans familiar with cryptos who have never owned any — was down eight percentage points compared to last year.

Although many South Africans said they no longer hold crypto, 80% of respondents who are aware of cryptocurrencies said they plan to invest within the next year.

However, the survey found that challenges remain. Despite increased awareness, barriers to adoption persist due to concerns over scams and the complexity of the technology.

While worries about scams have decreased by five percentage points since last year, 54% of respondents still cite them as a major obstacle.

Additionally, 47% feel that the technology is too complicated, and 43% admit they do not fully understand its purpose.

South Africa’s interest in decentralisation also continues to grow, with 74% of respondents familiar with the term, and 65% understanding its connection to cryptocurrency.

Many see decentralisation as a solution to the excessive power held by centralised Web2 companies, with 80% of respondents expressing concern over the control these companies have.

Social media (52%) and international banking (50%) were identified as sectors that could benefit most from decentralisation.

Consensys said the growing interest in decentralisation and the financial independence it promises suggests that while challenges remain, South Africa is laying a strong foundation for the future of blockchain and cryptocurrency adoption.

“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web,” said Conesensys founder and CEO Joseph Lubin, who also co-founded Ethereum.

“2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social and political agency for all people and communities.”

Lubin said that as an example, the recent U.S. presidential election may lead to significant regulatory clarity.

“As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges.”