SOUTH AFRICA’S OBSESSION WITH CRYPTO

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SOUTH AFRICA’S OBSESSION WITH CRYPTO
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Despite the increasing regulator concerns over cryptocurrencies globally, South Africa, which has the most sophisticated economy and financial sector on the continent, is increasingly getting used to investment and trading in cryptocurrencies.
The MyBroadband 2018 Cryptocurrency Survey, conducted by MyBroadband which wrapped up in April, concludes that  many South Africans, who has participated in the survey, who has also never held any cryptocurrency are planning investment in crypto ether through a direct investment or via an investment in related enterprises such as cryptocurrency mining.
The MyBroadband tech news and research site reported on Friday that  “Of the survey respondents who do not own or who have never owned cryptocurrency, almost 50% said they plan to invest in an aspect of cryptocurrency or crypto mining in 2018”. Other tech shrewd South Africans, who has participated in the survey, has responded that they were still planning to buy tokens even though they had never invested in the area.
Statically, about 25% of participants of the MyBroadband survey said that they “will invest in cryptocurrency” while “15% will invest in cryptocurrency and crypto mining.” Also a 7% said they would invest in crypto mining. Of the survey respondents who does not own or ever owned a crypto, almost 50% said they plan to invest in an aspect of cryptocurrency or crypto mining in 2018.
Recent reports also suggest a surge in cryptocurrency trading in South Africa. The report has revealed that many business including some restaurants are already accepting virtual currencies for payments. However, other African Countries including Zimbabwe has been avoiding acknowledging trade in bitcoin, even despite the fact that the virtual currencies can help plug liquidity and foreign currency shortages for international transactions.
The survey has a participation of 1,244 MyBroadband readers and had concluded in April. The survey is deemed as a good representation of the sentiment of tech-savvy South Africans towards cryptocurrencies.
The findings had followed the value of major cryptocurrencies including Bitcoin and Ethereum which has rocketed to all-time highs in December 2017, but had dropping substantially at the start of 2018. However, the recent week’s trend reveal that the currency has gained strength and that Bitcoin is hovering near the $10,000 mark.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.