Getting people excited about cryptocurrencies is not all that easy. Despite the initial surge in popularity throughout late 2017, things have calmed down a bit once again. In South Africa, it seems there is still a lot of positive momentum. A recent study shows how nearly one in two residents is on the verge of investing in Bitcoin or altcoins.
South Africa isn’t a country most people associate with cryptocurrency. Even so, there is a lot of interest in this new form of money. The MyBroadband 2018 Cryptocurrency Survey paints an interesting future in this regard. It seems one in two resident sis tempted to invest in Bitcoin or other cryptocurrencies. That in itself is rather interesting to keep an eye on.
An Interesting Survey in South Africa
Although only 1,244 readers took part in the survey, the results are surprisingly positive. Early 2018 hasn’t been too kind to most cryptocurrencies in the slightest. All currencies lost a lot of value compared to late 2017. The recovery process has been pretty rough, as any major price increase is suppressed almost immediately. This trend will probably continue for quite some time, as volatility is a key aspect of cryptocurrency.
The results themselves are pretty interesting. One in four confirms they will invest in cryptocurrency directly. Another 15% will invest in cryptocurrency and cryptocurrency mining equipment. This latter aspect is rather interesting. Local sources confirm there may be an electricity price hike of up to 50% in the near future. An increase in price will make cryptocurrency a lot less profitable and appealing.
While these results are impressive, it remains to be seen how this affects the various cryptocurrencies. Fresh money needs to find its way into this industry sooner rather than later. So far, this year hasn’t been too spectacular in this regard. South Africa may put itself on the map if these results are any proper indication. Even so, the study should be taken with a few grains of salt. Less than 1,500 respondents do not echo the sentiment of the entire country by any stretch of the imagination.
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