The stimulated interest and investment in Bitcoin and other cryptocurrencies have gotten South African citizens highly involved owing to the economic uncertainties that the the country has been facing. According to the search traffic trends amongst the top 66 countries, the google searches for bitcoin in South Africa comprises of the highest in proportion. That being said, the average number of monthly google searches for Bitcoin in South African over the last 12 months currently estimated at between 100,000 and 1,000,000.
Bitcoin price may have been facing a recent decline in performance otherwise, but the popularity seems to be on a boom amongst the South African audience. The South African peer-to-peer bitcoin trade volume as also been on a high rise, with a weekly rand value of local bitcoin transactions exceeding 20,000,000 (approx. $ 1.7 million) for the first time since January, in the last week.
Mati Greenspan, a market analsyt for major social trading and asset brokerage, Etoro, testified that the platform experienced a considerable increase in the number of google searches for bitcoin operators in South African, saying:
“In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth.”
Many analysts believe that President Cyril Ramaphosa’s radical agrarian reforms could be a the sole reason for economic instability which has eventually led to South Africa’s growing interest in cryptocurrencies like Bitcoin. President Ramaphosa’s recent acceleration of his policy of forcefully redistributing white-owned property to black citizens who do not possess farmland has prompted concerns from leading international rating agency, Moody’s.
Regardless of the concerns, many are expecting that South Africa may be able to avoid receiving a fourth credit score downgrade at less than a calendar year due to a decline in the cost of insuring the nation’s sovereign debt against default utilizing credit-default swaps.
Mr. Ramaphosa recently issued a statement, in order to assure Moody’s that the:
“Accelerated land reform will unfold within a clear legal framework and without negatively affecting economic growth, agricultural production, and food security.”
In the wake of economic instability and Mr. Ramaphosa’s opposed policies, we’re yet to discover about how investment in cryptocurrencies will retain the overall economy of the country.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.