• South Africa prefers Bitcoin, while Malaysia and the United Kingdom prefer Ethereum

  • According to the Chainalysis 2021 Geography of Cryptocurrency report, cryptocurrency adoption is increasing globally, particularly in emerging markets. Naturally, investors in various countries are bullish on various cryptocurrencies due to a variety of factors.

    A recent survey conducted by the cryptocurrency platform Luno looked closely at investors in Malaysia, South Africa, and the United Kingdom to better understand how they viewed the market. It also revealed which coins they were most confident in.

    What did the results of the poll reveal?

    According to Luno’s survey report, a number of factors influenced the price of Bitcoin this year, including Elon Musk’s tweets, Ripple vs SEC, China FUD, and others.

    According to the survey results,

    “While 64.5 percent of our South African users are bullish on Bitcoin, Ethereum comes in second at 55.4 percent, followed by XRP (28.6 percent ), Bitcoin Cash (25.9 percent ), and Litecoin (17.8 percent ).”

    However, the report clarified that Ethereum was viewed with the most optimism by 70% of Malaysian survey respondents and 75% of respondents in the United Kingdom.

    Overall, the survey found that market sentiment was bullish, with 38 percent of respondents planning to hoard their coins.

    According to the report,

    “They [survey respondents] expressed a high level of confidence in the bitcoin price, with 59.4 percent believing it will continue to rise steadily toward $100,000.”

    In addition to these findings, the report discussed some volatile alt coins such as Bitcoin Cash and Litecoin. Despite this, according to the report,

    “Despite neither having particularly good fortunes, it appears that many of the respondents to our survey are still bullish on their prospects, though there appears to be a significant global divide when it comes to altcoins.”

    Malaysia and South Africa are linked by this bridge.

    It may appear strange to consider these countries together, but there is a reason for doing so. Both are developing economies with strong international ties and multicultural settings.

    According to Chainalysis, South Africa is ranked 16th in the 2021 Global Crypto Adoption Index. This placed it lower than the Philippines but higher than the Russian Federation. Malaysia, on the other hand, was not among the top 20 countries in the Global Crypto Adoption Index. However, because of its low electricity costs, it has been identified as a prime location for Bitcoin mining. However, regulatory constraints continue to be an issue.

    To broaden the picture even further, both countries’ central banks are looking into developing CBDCs in order to participate in cross-border payment trials. The findings are expected to be released in 2022.

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