Survey: South Africans Turning to Crypto as Hedge Against Volatility of the Rand


According to a recent survey conducted by London-based cryptocurrency exchange Luno, about 70% of South Africans have heard of cryptocurrencies. Surprisingly, most people have been using it as a hedge against inflation of the Rand. Luno surveyed around 1,000 people across the country. While only one-third of them already own cryptocurrencies, 53% said they're interested in buying them soon. Also, 80% of the respondents said they view cryptocurrencies as investments, and 23% of them have used it for online transactions. The South African rand has been very volatile this year, losing more than 20% of its value against the US Dollar.


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