Around 53% of South Africans have little or no knowledge of cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, according to a report. Nearly half of 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 Merchant’s consumer survey findings, just over half of South Africans (53%) have little or no knowledge of cryptocurrency. The study also found that among South Africans surveyed, only 14% believed they had a strong grip on the topic of cryptocurrencies. Some 23% of respondents said they were “neutral”.
According to a report according to IOL, young people aged 18 to 24 were likely to be more knowledgeable about cryptocurrencies than those aged 25 and older. The results of this study appear to support the findings of a previous research study who said that only 11.3% of South Africans own or hold cryptocurrency.
A study by Kucoin, on the other hand, found that up to 7.6 million South Africans, or 22% of the country’s adult population, are crypto holders.
Real opportunity for banks
Commenting on the survey results, Matt Conn, Group Chief Revenue Officer at Merchants, said:
There is a real opportunity for banks to get involved in cryptocurrency as it really starts to take off on the continent, rather than waiting for it to be more established – at a time when consumers are likely to having a favorite platform or partner that they’ve built that trust with.
Meanwhile, the IOL report says that Merchant’s consumer research also revealed that more South Africans are likely to embrace cryptocurrencies if traditional banks get involved. Nearly half of respondents reportedly said they would consider investing in cryptocurrencies if and when their respective banks start offering this service.
Register your email here to receive a weekly African news update delivered to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.