South African Google Searches For Bitcoin Spike Amid Economic Uncertainty
The economic uncertainty seems to have stimulated a significant increase in the number of South African citizens that are related to bitcoin and cryptocurrency. At the time of writing, South African Google is looking for bitcoin that currently comprises the highest in proportion to the country among the top 66 countries for search traffic.
The popularity of bitcoin seems to continue to grow in South Africa despite the recent declining performance of the leading cryptocurrency.
As of this writing, Google’s South African searches are the highest in proportion to the size of searches generated by high-volume search nations, with the average monthly searches of South African “bitcoins” in the last 12 months, currently estimated. between 100,000 and 1,000,000. The trade volume of bitcoins among South African peers also seems to be on the rise, with a weekly rand value of local bitcoin transactions exceeding 20,000,000 (approximately $ 1.7 million) for the first time since January of last week.
Mati Greenspan, a market analyst for large social operations and asset brokering, Etoro, recently testified that the platform experienced a significant increase in the number of South African bitcoin operators, stating that “in South Africa, the number of new users exchanges bitcoin through eToro increased by 671% from January to the end of November last year compared to the same period in 2016, more than the overall growth of 574%. ”
The growing investment of South African Bitcoin attributed to fears of imminent economic disruption
South African Google searches point to Bitcoin Spike in the midst of economic uncertainty Many analysts attribute South Africa’s growing interest in cryptocurrencies to the perceptions that President Cyril Ramaphosa’s radical agrarian reforms could be a catalyst for economic instability.
President Ramaphosa’s recent acceleration of his policy of energetically redistributing ownership of white property among black citizens who do not own farmland has raised concerns of the leading international rating agency, Moody’s. Despite concerns, many expect South Africa to finally avoid receiving a fourth credit rating downgrade in less than a calendar year due to a reduction in the cost of insuring the country’s sovereign debt against default through credit default swaps.
Recently, Mr. Ramaphosa issued a statement to assure Moody’s that “accelerated land reform will take place within a clear legal framework and without adversely affecting economic growth, agricultural production and food security.”