By A recently conducted survey by Luno, a crypto firm has revealed that the ownership & familiarity level with cryptocurrencies was higher in nations such as South Africa, Malaysia & Indonesia when compared to that of markets across Europe.
These three emerging markets found within Indonesia, Malaysia & South Africa currently sit at varied levels of cryptocurrency ownership at 40%, 39% and 29% respectively while levels of familiarity sit at 63%, 57% and 69% according to the survey study. In contrast to this, the top-performing European market in the survey is the Netherlands where the level of ownership currently sits at 27% with a familiarity level at 39%.
France, Germany, Italy, all huge economies in Europe all performed poorly compared to that of emerging markets such as the likes of Malaysia, Indonesia and South Africa.
Emerging Markets = Better Confidence.
In Germany, according to the survey, the level of crypto familiarity sits at 49% while the ownership sits at a measly 9%. France scored a lot better with their level of familiarity sitting at 37% while ownership sits at 19%. Italy on the other hand scored 50% for familiarity while ownership sits at 14%.
The survey and it’s participants in Europe revealed that they lacked the necessary knowledge in order to purchase or make use of digital currencies, while in South Africa, Indonesia & Malaysia it was revealed that they had adequate knowledge which makes potential buyers confident in the purchasing and use of crypto assets.
“In Europe people stated that they do not have enough knowledge (access to information) to feel sure about buying/using crypto while in South Africa, Indonesia and Malaysia wasn’t a big issue, people rather felt confident and stated to have access to enough information,” as written in the survey which was conducted using information from over 1000 participants in the 10 countries where it was conducted.
Other notable European countries which took part in the survey were Romania, Poland, Ireland, The Netherlands & Lithuania.
Crypto As an Investment Opportunity.
This survey study conducted by Luno which mainly focused on South Africa revealed that many residents & citizens of the African country view cryptocurrencies more as form of investment than that of a means of exchange – 83% VS 23% who utilize them to purchase products and services online. The survey also revealed that only 12% South African owners of digital currencies make use of them for peer-to-peer transfers to friends and family.
Familiarity with digital currencies was the highest at 71% in the western regions of SA, while in the Northern and Eastern regions it sits lower than the national average at 69% at 68% & 66% respectively.
Another notable reveal of the survey was the “gender split” with more males than females indicating that they were “very familiar” with crypto sitting at 27% VS 19%.
No surprises here, but the the most popular cryptocurrency for South Africans, revealed by the survey is indeed Bitcoin, closely followed by Ethereum with Ripple & Dash tied for third place.
Why do you think emerging markets have more interest in digital currencies? Let us know your thoughts and theories.
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