Despite being frequently referred to as the “Silicon Valley of Africa,” neither South Africa nor Kenya are particularly significant players in the African crypto market. Instead, as Namibia and Angola have demonstrated, we’ve seen that impoverished nations have better adoption, knowledge, and usage rates.

82% of Africans, or the majority, do not currently possess any cryptocurrencies. Millennials with high incomes make up a sizable part of those who have bought cryptocurrency.

The remaining 18% is split as follows: 10% is made up of people who have held cryptocurrency but do not now, and the remaining 8% is made up of those who currently hold it.

These facts were uncovered in a recent study done by Kenyan data, metrics, and insights firm Kasi Insight. The research is based on a survey that was carried out in 19 different nations.

Despite being frequently referred to as the “Silicon Valley of Africa,” neither South Africa nor Kenya are particularly significant players in the African crypto market. Instead, as Namibia and Angola have demonstrated, we’ve seen that impoverished nations have better adoption, knowledge, and usage rates.

The paper claims that Africa appears to be going through a period of relatively little commitment to or interest in the cryptocurrency issue. The continent now shows little enthusiasm in adopting cryptocurrencies to their full potential.

According to the Kasi Insight research, Africans with disposable income and incomes between $1,800 and $4,500, or even higher, have showed a noticeable interest in cryptocurrency.

“Income strongly influences who owns cryptocurrency in Africa.According to our research, 25% of respondents with incomes under $1 800 possess cryptocurrency, compared to 87% of those with incomes between $1 801 and $4 500 and above.

According to the survey, millennials make up the bulk of cryptocurrency users in Africa. Additionally, the data shows that men predominate among African bitcoin users.

“Of the pool of respondents who invest in cryptocurrencies, 54% of men and 46% of women possess cryptocurrencies, respectively. Crypto ownership analysis across demographic cohorts reveals that millennials are in the lead. They control 60% of the cryptocurrency in Africa, with GenX holding 20% of the market, GenZ 19%, and Boomers 1%.

With 54% of the continent’s cryptocurrency community paying attention to it, Bitcoin stands out as the most renowned and well-known cryptocurrency. The following are the top cryptocurrencies:

Bitcoin (BTC) – 54%
Binance (BNB) – 33%
Ethereum (ETH) – 27%
Dogecoin (DOGE) – 21%
Onecoin – 18%
Solana (SOL) – 17%
Others – 7%

The survey claims that a sizable majority of adult Africans have skewed opinions on cryptocurrency and believe it to be a fraud.

Only 17% of individuals said they had faith in cryptocurrencies over the next five years, 34% said they were neutral, and a significant 49% said they had mistrust for this asset class.

A majority of 56% of non-crypto users expressed mistrust about cryptocurrencies, compared to only 11% who expressed trust and 34% who were neutral.