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.
source link : https://news.bitcoin.com/report-just-over-half-of-south-africans-have-little-to-zero-knowledge-about-cryptocurrencies/
