The Sub-Saharan African nation is a country of contradictions where real poverty could also mean real cryptocurrency adoption.

South Africa is not the poorest country in the world, but it is the most unequal, according to the World Bank, and while 11 million people are unbanked the nation ranks first when it comes to cryptocurrency ownership among internet users, which could be the start of mass adoption there.

The Sub-Saharan African nation is a country of contradictions where real poverty could also mean real cryptocurrency adoption.

South Africa is not the poorest country in the world, but it is the most unequal, according to the World Bank, and while 11 million people are unbanked the nation ranks first when it comes to cryptocurrency ownership among internet users, which could be the start of mass adoption there.

World Bank list of most unequal countries

Cryptocurrency in South Africa

The fact that cryptocurrency usage in South Africa tops various lists is not all that surprising as many experts have argued that inflation and poverty push people towards cryptocurrency ownership.

“With economic crises knocking at their doors, countries like Iran, Turkey, Venezuela, Argentina and Zimbabwe turn towards cryptocurrencies such as Bitcoin to keep it all together,”

Does It Work in Reality?

Although many things can sound very promising on paper, sometimes it turns out they’re completely different in reality. Blockchain in terms of trading, however, is not one of those things. Aside from the aforementioned size of the DeFi market, which in itself represents evidence of how well it does in this aspect, there is also the fact that traditional institutions are increasingly turning towards this new technology to modernize their approach to business.

A survey by Fidelity Asset Management earlier this year showed that 80% of the respondent institutions find investing in digital assets appealing. Additionally, the Chicago DeFi Alliance is made up of established and respected trading, brokerage, and investment firms. However, many institutional investors still realize that DeFi is out to disrupt their own business model, so they’re either wary or jumping on the bandwagon in order to profit from it in the future.

Are you convinced? Then you may be interested in opening an account with a secure, well-respected cryptocurrency trading platform that offers the financial instruments you’re looking for. Acquanaut is the first quantum computed blockchain that has its own exchange and wallet, bringing speed and security to new, unprecedented levels. After all, if you’re entering the space and looking to make the best of it, why not do it the right way?