According to the survey done by social media platforms, Wearsocial and Hootsuite, South Africa was named the #1 country in terms of population percentage of cryptocurrency owners. The survey itself only covered percentages and didn’t take into account the actual number of the owners. South Africa took the first place with nearly 11% of its internet users. However, if we step outside the rules of the survey, it may prove that 11% is a smaller amount than another country’s 5%.
Despite the somewhat confusing rules of the survey, South Africa had been already considered a force to be reckoned with, when it came to cryptocurrencies. They are currently featuring numerous crypto companies on their territory and are even considering a complete revamp of their crypto regulations.
The news was also discussed by a South African financial news website TopForexBrokers.co.za, that mentioned the importance of such an achievement.
The results of the survey are paramount in the decision that the authorities will make in regards to crypto regulations. Before today, there were no strict regulations which limited any activities, but starting after the discussions, many crypto companies could simply be booted out of the country, says the article.
One of South Africa’s leading companies mentioned that the cleaner the market, the better the economy, but in all honesty, it was a sign of excitement at potentially getting rid of competitors in the region.
The reason as to why South Africa became such a hub for cryptocurrencies is unknown, but there have been some reports regarding serious hack attacks on citizens’ mobile phones. Hackers were getting access to the devices and were using their computing powers to mine cryptocurrencies. Although it is not direct theft, it is still inflicting damage to another person’s property, as the mobile devices tend to slow down when mining the coins.
As of today, there are no clear ways to understand just how much capital is in South Africa in terms of cryptocurrencies, but let’s try to calculate together, shall we? The population of South Africa right now is roughly 57 million. The amount of internet users is around 21% of that population. That’s roughly 12 million internet users. 11% of those 12 million is 1.32 million. Judging by the fact that the average portfolio of a crypto investor is somewhere around $200, we can easily say that more than $260 million in cryptos is located in South Africa. The amount could even be in the billions.
Featured image: The Telegraph