50% of Africans are using cryptocurrency to fund their children's education.

According to a recent survey, the majority of cryptocurrency investors in Kenya, Nigeria, and South Africa joined the market with long-term objectives in mind, such as ensuring the financial security of their families.

Children's Education to be Funded by Crypto

Luno, a London-based firm, undertook a study of almost 7,000 people from Nigeria, Kenya, South Africa, the United Kingdom, Australia, Indonesia, and Malaysia to find out what motivated them to invest in digital assets.

According to the findings, the majority of people in the three African nations are financially aware and invest in reasonable and long-term objectives, with 69 percent of them using cryptocurrency to improve their families' lives.

When it comes to paying for their children's future school expenses, 48% would invest their income in digital assets. In contrast, 43% would do the same to set up a fund to leave to their family. Only 3% said they don't have a strategy when it comes to investing.

The scenario in Africa, according to Marius Reitz, Luno's General Manager for Africa, is a "crypto revolution," with enormous possibilities in the continent:

“The magnitude of Africa's crypto revolution has received a lot of attention in recent weeks, and although its potential is tremendously exciting, it's critical that we guarantee consumers are participating with this shift in a safe and responsible manner.”

However, a significant part of the population is unfamiliar with cryptocurrencies, which is why they are unlikely to invest in them. The proportion of Nigerians who don't know anything about the asset class is 55 percent, while it's 56 percent and 64 percent in South Africa and Kenya, respectively.

So, how about the rest of the world?

The majority of participants from the United Kingdom, Indonesia, Australia, and Malaysia had somewhat different reasons for joining the digital asset sector than Africans.

Participants from the UK, Indonesia, and Malaysia said they invest in crypto to save for a home, while the top response from the UK, Indonesia, and Malaysia was to add to their pension fund.

Nearly one-third of crypto investors have up to 10% of their portfolio in digital assets, according to the findings. 12 percent have 11 to 20 percent in bitcoin or altcoins, and 10% have 21 to 30 percent in bitcoin or altcoins.

In addition, compared to the general population, crypto investors are significantly more likely to own other kinds of financial assets, according to the study. For example, 4 percent of Kenyan participants stated they held both digital assets and gold, while in Malaysia and Indonesia, this statistic rose to 39 percent and 63 percent, respectively.


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