Fun

Report: Just Over Half of South Africans Have Little to Zero Knowledge About Cryptocurrencies

News Feed - 2022-07-27 03:07:22

Report: Just Over Half of South Africans Have Little to Zero Knowledge About Cryptocurrencies


About 53% of South Africans have little to no knowledge about cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, a report has said. Nearly half of the respondents said they would only invest in cryptocurrency if or when their respective banks are involved. South Africans Weigh In 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. The study also found that out of the surveyed South Africans, only 14% believed they had a strong hold on the subject of cryptocurrencies. Some 23% of the respondents said they were “neutral.”


As per a report by IOL, young people aged between 18 and 24 were likely to be more knowledgeable about cryptocurrencies than those aged 25 and above. The results of this study appear to back the findings of an earlier research study which said only 11.3% of South Africans are cryptocurrency owners or holders.


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 Opportunity 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 half of the respondents reportedly said they would consider investing in cryptocurrencies if and when their respective banks start offering this service.


Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story africa crypto, Cryptocurrency, Hodlers, KuCoin, Merchant, south africa crypto, Survey


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Head of African Regional Central Bank Calls for Creation of Digital Currency EMERGING MARKETS | 2 days ago Nigerian Lenders Frustrating CBDC"s Adoption — Central Bank Governor EMERGING MARKETS | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJapanese Bank SMBC to Foray Into NFT and Web3 Markets Next articleUniversity of Tokyo to Offer Engineering Courses in the Metaverse Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

NFT Sales Continue to Decline, With ETH-Based NFTs Seeing a 20% Drop in the Past Week
NFT Sales Continue to Decline, With ETH-Based NFTs Seeing a 20% Drop in the Past Week Non-fungible token (NFT) sales over the last seven days are ending the year 13.97% lower than
William Suberg9 hours agoBitcoin traders torn between breakout and $28K dip as BTC price stallsBTC price action keeps everyone guessing, while Bitcoin casually marks a major achievement on monthly timeframes.4973 Total v
Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst
Este artículo también está disponible en español. Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to conso
Marcel Pechman3 hours agoOptimism transactions surpass Arbitrum, but what’s behind the uptick in users?Transactions on Optimism recently eclipsed the Arbitrum network, but do the project’s fundamentals support a sust
Solana-Powered Defi Platform Orca Raises $18 Million — AMM Commands Over $300 Million TVL
Solana-Powered Defi Platform Orca Raises $18 Million — AMM Commands Over $300 Million TVL The decentralized exchange (dex) platform Orca has announced the platform has raised $18
Ana Paula Pereira2 hours agoCoinbase domain name reportedly used by scammers in high-profile attacksTwitter users have been sharing security incidents surrounding the crypto exchange, including claims that scammers are u
Tron network exceeds Ethereum revenue over the past 90 days
Vince Quill6 hours agoTron network exceeds Ethereum revenue over the past 90 daysAccording to data from DefiLlama, the Tron network has accrued $1.31 million in network revenue during the past 24 hours alone.884 Total vi
Valkyrie Will Launch On-Chain Defi Fund Next Week
Valkyrie Will Launch On-Chain Defi Fund Next Week Valkyrie Investments, one of the biggest cryptocurrency asset managers, has announced it will launch a so-called on-chain defi fun
Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading
Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec.
New FTX CEO Says Sam Bankman-Fried Does Not Speak on Firm’s Behalf, After SBF’s Candid Interview With Vox
New FTX CEO Says Sam Bankman-Fried Does Not Speak on Firm’s Behalf, After SBF’s Candid Interview With Vox Following the former FTX CEO Sam Bankman-Fried’s (SBF) interview wit
Uniswap: New Crypto Developments Lift UNI Price Up by 17% – Details
Este artículo también está disponible en español. Uniswap has surprisingly outpaced the broader market with the token experiencing an outstanding17% uptick since last wee
5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO
5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO By the end of next year, at least five countries will have accepted bitcoin as legal tender, th