As per the Chainalysis 2021 Geography of Cryptocurrency report, cryptocurrency adoption is growing worldwide and especially in emerging markets. Naturally, due to various factors, investors from different countries are also bullish on various cryptocurrencies.
A recent survey by the crypto platform Luno took a closer look at investors in Malaysia, South Africa, and Great Britain to better understand how they viewed the market. He also revealed which pieces they were most optimistic about.
What did the survey say?
Luno’s survey report listed a number of factors which had affected the price of Bitcoin during the year, such as Elon Musk’s tweets, Ripple vs SEC, China FUD, and more.
The investigation report stated,
While 64.5% of our South African users are the most bullish about Bitcoin, Ethereum is second at 55.4%, followed by XRP (28.6%), Bitcoin Cash (25.9%) and Litecoin (17.8%). “
However, the report clarified that 70% of Malaysian survey respondents and 75% of respondents in Great Britain regarded Ethereum with the most optimism.
Overall, the survey concluded that market sentiment was bullish and 38% of those surveyed were looking to hold onto their coins.
The report also noted,
“They [survey respondents] expressed a great deal of confidence about the bitcoin price, with 59.4% stating their belief that it will continue to move toward $100,000 at a steady pace.”
In addition to these results, the report commented on some slippery alt coins like Bitcoin Cash and Litecoin. Despite this, the report observed,
“Despite neither having particularly good fortunes, it seems many of the respondents to our survey are still bullish on their prospects, although interestingly, there seems to be a significant global divide when it comes to altcoins.”
Connecting Malaysia and South Africa
It may seem strange to consider these countries together, but there is a reason for this. Both are emerging economies with strong international links and multicultural environments.
According to the Chainalysis report, South Africa ranked 16th in the 2021 Global Crypto Adoption Index. This put it below the Philippines but above the Russian Federation. Arriving in Malaysia, the Southeast Asian country was not among the top 20 countries on the Global Crypto Adoption Index. However, it has been identified as a prime spot for Bitcoin mining, due to its relatively low electricity costs. However regulatory restrictions are still an issue.
To further widen the scene, the central banks of these two countries are planning to develop their CBDCs, to participate in cross-border payment trials. The results are expected to be published in 2022.
