53% of South African respondents had little to no knowledge of cryptocurrency, according to a survey that was done in South Africa.
According to the report by Merchants, a global telemarketing firm:
- Only 14% of South Africans have considerable knowledge of the cryptocurrency industry
- 23% of the participants remained neutral
- The vast majority (53%) said they had limited or no understanding of the matter
- Those aged 18 to 24 have better knowledge than any other demographic group, including 25 to 42
The survey also notes that crypto adoption in South Africa could be boosted if domestic banks embrace the asset class and provide educational programs to users.
Almost every second participant said they will be more likely to invest in bitcoin or altcoins if local financial institutions offer such services. Explaining the effects of the possible move was Mat Conn, Group GRO at Merchants:
“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.”
– Group CRO, Merchants
Another recent report by Bitget Exchange, Boston Consulting Group, and Foresight Ventures, determined that South Africa has the largest crypto market on the continent which can be seen by its ‘more advanced financial infrastructure and fiat-to-crypto payment rail.’
The report, which said there was significant growth opportunity for crypto trading platforms on the continent, also noted that, unlike the rest of the continent where global exchanges lead in market share, in South African local exchanges were in the lead.