Just Over Half of South Africans Have Little to Zero Knowledge About Cryptocurrencies – Emerging Markets Bitcoin News

A report found that 53% of South Africans know little or nothing about cryptocurrency. Only 14% of respondents thought they knew more. Nearly half said that cryptocurrency would be only an option if and when they were involved in their bank.

South Africans Give Their Take on Crypto Knowledge

According to the findings of Merchant’s consumer survey study, just over half of South Africans (53%) have little to zero knowledge about cryptocurrency. A study by Merchant found that only 14% of South Africans surveyed believed they were well-versed in cryptocurrency. Some 23% of the respondents said they were “neutral.”

IOL found that young adults aged 18-24 are more familiar with cryptocurrency than people 25-plus. These results support the previous research that found 11.3% of South Africans own or hold cryptocurrency.

A study by Kucoin, on other hand, found that as many as 7.6 million South Africans, or 22% of the country’s adult population, are crypto holders.

Real Opportunities for Banks

Commenting on the survey’s findings, Matt Conn, the group chief revenue officer at Merchants said:

There is a real opportunity for banks to get involved in cryptocurrency as it begins to really take off on the continent, rather than waiting until it is more established – by when consumers are likely to have a preferred platform or partner who they have built that trust with.

Meanwhile, the IOL report states that Merchant’s consumer study also found that more South Africans are likely to embrace cryptocurrencies should traditional banks become involved. Nearly 50% of respondents indicated that they would invest in crypto currencies if and whenever their bank offers this service.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.