Survey Reveals South Africans Wish They Had Invested in Cryptocurrencies

Old Mutual recently released this year’s South African Savings and Investment Monitor Survey which offered a great deal of insight into the nation’s perceptions of cryptocurrency from the perspective of one of Africa’s largest economies. According to data collected from the survey, 38% of South Africans stated that they now wish they would have invested in some form of digital currency. Positive perspectives of the crypto sphere can be seen as 71% of surveyed residents believe that investing in cryptos can offer high value returns. On the other hand, 43% of those surveyed compared digital currency to that of a pyramid scheme.

A Rise in Cryptocurrency into the Mainstream Sphere

When considering crypto expansion and general awareness within the South African market, 60% of participants explained that they have never heard of digital currencies whereas individuals who seemed to possess an in depth understanding of the field only amounted to only 4%. Over the course of twelve months, Google analytics display a growing trend for Bitcoin search.

According to CNN reports this May, another South African crypto-centred survey carried out by MyBroadband resulted in statistics showing almost half of surveyors who do not currently hold ownership of cryptos stated that they have plans to invest in either mining or the currency itself sometime this year. 

Cyber-Tokens vs Real Currency 

As a result of increasing digital currency awareness among South Africans, regulations issued by the nation’s Revenue Service has already issued a declaration demanding crypto owners to claim any gains earned from cryptocurrency to be added to citizen’s taxable income. Since issuing the survey in April, a glimpse into the greater understanding of these technologies has been established. With residents perceiving cryptocurrency as more of a digital asset rather than a true currency. In addition, mining for crypto will be temporarily seen as trading stock until those funds are sold for profit or used to purchase goods and services.  

2 years ago

Start Weekly Digest

Similar news