Are South Africans open for Bitcoin as an investment?
Recently, a survey was conducted in South Africa about its people’s willingness and confidence to invest in cryptocurrencies such as Bitcoin and Ethereum knowing that South Africa is one of the countries who opened their mind to the crypto world. A South African crypto investor is said to be investing on an average of $380 into Bitcoin and Ethereum.
Now the question is, how did the result go? The result is somehow interesting and will surely surprise you!
The South African government has been very positive with cryptocurrency. As a proof to that, Malusi Gigaba, South Africa’s Minister of Finance even sees a huge potential in South Africa. The country’s central bank has even conducted experiments to test cryptocurrencies on South Africa’s economic structure. Even the popular retailers, online retailers, popular grocery stores, and food stores showed a positive position about Bitcoin. That’s how positive South Africa is when it comes to cryptocurrencies.
Due to the massive positive outlook of cryptocurrencies on South Africa, the citizens started searching the topic on Google which made South Africa the top country to search for cryptocurrencies. This has led to a rising interest in Bitcoin in the country.
But are these proofs enough to claim that most people in South Africa are open to investing in cryptocurrencies?
Here goes the surprising result.
After surveying 1,598 people wherein most of them were IT professionals and tech-savvy individuals, the result has shown that 44.51% of the respondents who own cryptocurrency investments, the average investments of each investor is R5,000, which is more or less $380. 20.68% of the respondents said that the range of their normal investments on cryptocurrencies plays between R10,000 and R50,000, that is around $760 and $3,800. The 3.04% of the respondents showed that their average investments on cryptocurrencies are over R50,000, and that is an estimated $28,000.
Another result shows that 78.86% of respondents who owned cryptocurrency is more willing to invest in cryptocurrencies such as Bitcoin and Ethereum this year.
Based on the result, we can say that most of the respondents are still testing the waters in the crypto industry, but it is also surprising that some respondents were extremely confident of cryptocurrencies that their investments would normally play around thousands of dollars.
This goes to show that cryptocurrencies do have a huge potential to rise in the South African region, and that’s something we should look out for soon.