latest

Nearly half of all South Africans Plan to Buy Cryptocurrency for the First Time

A South African “MyBroadband 2018 Cryptocurrency Survey” reveals that nearly half of all surveyed, plan to buy cryptocurrency for the first time this year.

An April 2018 survey's results have come out in regards to South African interest in cryptocurrency, and the news is quite revealing. Out a survey of 1,244 people, and of those who have never owned cryptocurrency whatsoever, the results show that nearly 47% have actual plans to buy cryptocurrency in the very near future.

Africa as a whole is a very attractive spot for cryptocurrency due to the fact that many of its 54 nations are in a developing state. Moreover, many national and local banks are highly unstable and often times have out of control inflation.

Many African people live in extremely rural areas and have no access to banks whatsoever. Now, due to the advent of cellular and satellite service reaching out to rural communities, cryptocurrency offers banking services to those who otherwise would not have it.

In regards to GDP per capita, South Africa, with its population of 55.9 million people, ranks seventh on the continent but third for GDP as a whole. If you compare S.A. to Africa’s most populous nation of Nigeria and its 186 million inhabitants, and 1st on the list in regards to GDP, Nigeria is 17th on the list for gdp per capita.

Author image
Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee