According to the report Geography of Cryptocurrencies 2021 from Chainalysis, the acceptance of digital assets is growing worldwide, especially in emerging markets. Naturally, due to a number of factors, investors in different countries are also bullish on various cryptocurrencies.
A recent survey of the Luno crypto platform took a closer look at investors in Malaysia, South Africa and the UK to better understand how they look at the market and also to find out which coins are the most optimistic.
The report from the Luno survey mentioned a number of factors that affected the price of BTC during the year, such as Elon Musk’s tweets, the Ripple vs. SEC lawsuit, the Chinese FUD and others.
Luno said in a report
“While 64.5% of our South African users are the most optimistic about BTC, ETH is second at 55.4%, followed by XRP (28.6%), BTC Cash (25.9%) and Litecoin (17.8%).”
The report further clarified that 70% of Malaysian survey respondents and 75% of UK respondents are most optimistic about Ethereum. Overall, the survey concluded that the mood in the market is bullish and 38% of survey respondents said they did not intend to sell their coins at all and adopted the HODL strategy.
Furthermore, “survey respondents expressed great confidence in the price of BTC, with 59.4% expressing their belief that it would continue to move towards $ 100,000 at a steady pace.”
In addition to these findings, the report addressed some altcoins, such as BTC Cash and Litecoin.
“Despite the fact that none of them have particularly good foundations, it seems that many respondents to our survey are still bullish on their prospects.”
Connection of Malaysia and South Africa
It may seem strange to think of these countries together, but it has its justification. Both are emerging economies with strong international ties and a multicultural environment.
According to the Chainalysis report, South Africa ranked 16th in the global cryptocurrency adoption index of 2021. It came under the Philippines but over the Russian Federation. In the case of Malaysia, the countries of Southeast Asia were not among the top 20 countries in the global index of cryptocurrency adoption. Regulatory restrictions are still a problem here. However, due to the relatively low cost of electricity, it was included as one of the main hubs for BTC mining.
Central banks in both countries are also considering the development of their CBDCs and intend to launch a test of cross-border payments. The results are expected to be published in 2022.