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South African cryptocurrency startup Luno surveyed over 1000 of its customers in South Africa in August 2021. The survey found that 82% of them expect Bitcoin prices to significantly rise with some believing to be as ‘high as $100,000’. The survey, therefore, has indicated that local bitcoin users on the Luno platform are aggressively confident in Bitcoin.
South Africans are confident in Bitcoin
Luno has reported that Bitcoin is currently trading at around $43 600 after reaching $50,000 at the end of August.
THe survey was also implemented for its international customer base in the UK, Indonesia and Malaysia.
Marius Reitz, GM for Luno Africa comments on the survey results.
“The overall sentiment is extremely positive, with 61% of SA customers indicating their intention to hold their investment (hold in crypto-speak) or buy any price dips over the next six months. “
In addition, the survey reported that South Africans are most confident about Bitcoin and Ethereum.
Assisting the report findings, Luno has reportedly experienced an increase of active customers in South Africa with the overall number of individuals who bought or sold crypto on the platform increasing by 140% over the past 12 months.
Reitz explains that the perception that crypto investors as extreme risk-takers seeking only short-term gains is not true.
“Just 14% of South African customers say they plan to day-trade for short-term profit for the rest of the year. On average, existing South African customers are holding their crypto for eight months before cashing out. In addition, we are seeing more South African customers planning how to invest their money. Over the last three months, more than one in 10 (12%) of Luno’s active South African customers have made use of the repeat buy function, which allows you to automatically purchase a set value of crypto at daily, weekly or monthly intervals. On average they are buying around R400 worth of crypto a month.”
Reitz statement against the perceptions of traders is echoed in the sentiment and results found by YouGov online global research which gathered data from 6642 respondents across six countries.
The global report by YouGov found that not all users view crypto as a ‘get-rich quick’ opportunity with many holding it as part of their diversified portfolio
“New insights indicate that the stereotypes around cryptocurrency investors may not hold true. Instead, we are seeing that South Africans who own crypto are saving more regularly, have longer-term goals and are more financially savvy. Although we operate in over 40 countries, Luno views Africa as one of, if not the most promising region for the adoption of cryptocurrencies due to its particular combination of economics and demographics,” says Reitz.
Featured image: Featured image: Marius Reitz, General Manager for Africa at Luno (Supplied)