A survey carried out across South Africa not only shows a thirst for cryptocurrency, it also shows that a number of people are now starting to regret not investing sooner, a feeling that many of us can indeed sympathise with. According to RTT News, Peppercorn Research, a research company carried out a number of face to face interviews between the 26th of April 2018 and the 26th of May 2018. This was carried out in association with Old Mutual Ltd, a Pan-African Financial Services Company. Whilst the survey was designed to build a better picture of the investment behaviours of the South African population, a portion of it did focus on cryptocurrencies. Of those surveyed, almost 40% admitted that they regret not investing in cryptocurrency sooner. Most interestingly:
“Only 4 percent of the respondents said they know a lot about cryptocurrencies, while 17 percent said they know a bit. However, 60 percent of respondents said they are not aware about cryptocurrencies, while 19 percent said they only really just heard about it. 43 percent of respondents opined that cryptocurrencies are bad news, like a pyramid scheme and 53 percent said they do not understand how cryptocurrencies work.”See the full report by RTT News for yourself, here. We can’t actually find the data that describes how many people were interviewed within this research however, so can’t comment on how representative the overall sample is. Even so, with around 40% of those questioned admitting to actually regretting not investing sooner, we can see evidence of a desire for cryptocurrency involvement within South Africa. This is positive, as when adoption comes around, people within South Africa will be keen to see a roll of of cryptocurrency within their local industries. FOMO and a feeling of regret towards not investing sooner is pretty common. Let’s face it, if we all knew that Bitcoin would hit $20,000.00, we would all buy in bulk years in advance. Sadly though, through volatility we can never be sure that this will happen and thus, FOMO and regret is of course justified, and an organic emotional response to an uncertain and impossible to predict market.