Crypto enthusiasm is not strong enough to defeat the hegemony of banks in South Africa

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Approximately 53% of South Africans, based on the data of Merchant’s consumer survey study, have no or little understanding of cryptocurrencies. Only 14 per cent of the South Africans surveyed for the research stated they had a thorough understanding of cryptocurrency. About 23% of those surveyed claimed to be “neutral.”

According to an IOL report, young individuals between the ages of 18 and 24 are probably more educated about cryptocurrency than those between the ages of 25 and over. The findings of this study tend to support those of a previous study, which found that only 11.3 per cent of South Africans possess or hold cryptocurrencies.

As per the IOL report, Merchant’s consumer study also revealed that South Africans are more willing to adopt cryptocurrency if banking institutions are onboard. If and when their individual banks start providing this service, nearly half of the respondents allegedly claimed they would think about investing in cryptocurrencies. Owners or holders of cryptocurrencies are Africans.

“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,” says Matt Conn, the group chief revenue officer at Merchants.

However, a Kucoin survey indicated that up to 7.6 million South Africans, or 22% of the adult population of the nation, are crypto owners.

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