According to the Chainalysis 2021 Geography of Cryptocurrency report, cryptocurrency adoption is increasing globally, and especially in emerging markets. Of course, due to a number of factors, investors in different countries are also optimistic about different cryptocurrencies.
A recent survey by the crypto platform Luno took a closer look at investors in Malaysia, South Africa and the UK to better understand how they see the market. It also showed which coins they were most optimistic about.
What did the survey show?
Luno’s survey report listed a number of factors that had influenced the price of Bitcoin over the year, such as tweets from Elon Musk, Ripple vs SEC, China FUD and more.
The survey report says
“While 64.5% of our South African users are most optimistic about Bitcoin, Ethereum ranks second at 55.4%, followed by XRP (28.6%), Bitcoin Cash (25.9%) and Litecoin (17.8% ). “
However, the report made it clear that 70% of Malaysian respondents and 75% of UK respondents view Ethereum with the greatest optimism.
Overall, the survey concluded that market sentiment was bullish and that 38% of respondents wanted to get their coins in their hands.
The report also found
“She [survey respondents] expressed great confidence in the price of Bitcoin, with 59.4% believing it will continue to move at a steady pace towards $ 100,000.
In addition to these results, the report commented on some moving alt coins such as Bitcoin Cash and Litecoin. Even so, the report found
“While neither of them are particularly lucky, many of the respondents in our survey still seem optimistic, although, interestingly, there is a significant global divide when it comes to altcoins.”
Connection of Malaysia and South Africa
It may seem strange to look at these countries together, but there is a reason for it. Both are emerging economies with strong international connections and a multicultural environment.
According to the Chainalysis report, South Africa ranks 16th in the Global Crypto Adoption Index 2021. It was below the Philippines, but above the Russian Federation. After Malaysia, the Southeast Asian country didn’t make it to the top 20 countries in the Global Crypto Adoption Index. However, due to its relatively low cost of electricity, it has been identified as a prime location for Bitcoin mining. However, regulatory constraints are still an issue.
In order to expand the scene even further, the central banks of these two countries are examining the development of their CBDCs in order to participate in cross-border payment attempts. The results are expected to be published in 2022.