Economic instability was the cause of the increase in the number interested in cryptocurrencies citizens of South Africa: Google has recorded the highest level of requests for «bitcoin» in South Africa among the 66 countries with high level of search.
The average monthly number of searches for the word «bitcoin» citizens of South Africa over the last 12 months is estimated to range from 100 000 to 1 000 000. Grows and South African trade with bitcoin – last week was first recorded amount of stock exchange transactions with cryptocurrencies, exceeding 20 000 000 Rand (approximately $1.7 million).
Market analyst, Mati Greenspan (Mati Greenspan) reported that trade and investment the eToro platform has recorded a significant increase in the number of South African traders.
«The number of new users from South Africa, trading in bitcoin through eToro, increased by 671 percent from November 2017 to January 2018, compared to the same period in 2016,» he said.
Some analysts have attributed the growing interest in cryptocurrencies in South Africa the fact that radical land reform of President of South Africa Cyril Ramaphosa, which lies in expropriation of land from white farmers, can become the catalyst for the growth of economic instability.
Against the background of statements of the President, as well as the high level of unemployment in the country, the relationship of the population with financial institutions had deteriorated and social tensions have increased. In such circumstances, local residents decided to turn to bitcoin as solution of problems related to economic and political instability.