Monday , January 25 2021

Half of the richest, online South African people want to buy cryptosurves – that's what keeps them back



  • A survey of crypto currency adoption at SA found about three to four online users who are the richest in the frequency domain who know digital currencies.
  • Bitcoin is still the most well known and most popular while the ripple is lagging behind.
  • Half of the respondents want to buy digital currencies, but they are refusing trust and security issues.

Kantar TNS's Luno statement and awareness of the value and awareness of critical currencies in South Africa and nine other countries have had a considerable local interest in digital money – a very special group.

The study found that 69 percent of respondents or about four out of four know krypto currencies, especially bitcoin, and about half want to buy some digital money.

However, the participants in the study were not just average South Africans; 85% of the thousands of local people who participated in the survey were middle-class.

Bitcoin's popularity in different countries, such as South Africa. (Chart: Luno)

A large number of South Africans who at least claim to know about digital currencies set SA at the level of other emerging markets, such as Indonesia and Malaysia.

Introducing vs. Ownership (from left to right: Lithuania, Finland, Germany, Italy, Germany, Ireland, Holland and France). (Chart: Luno)

290,000 South Africans reported that they already have an encryption currency – a level that is significantly below 20%, such as Lithuania, Germany, Ireland, Italy, Poland, France and Romania.

Out of the remaining 710 local respondents who said they did not have a digital currency, 530 was interested in buying one day, with only 18 percent willing to ever own anything.

Lunon Country Director SA, Marius Reitz tells Business Insider to South Africa that three elements kept people back from buying bitcoin or its comparisons:

  • Trust and security, where price fluctuations and online scam reports keep people safe.
  • Their social circle views, friends and family are warned against crypto radiation.
  • Consumer education, as many people say they do not have information that would make them comfortable with digital cash.

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Also Business Insider from South Africa


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