This is what people in 9 emerging markets think about Bitcoin (survey)

This is what people in 9 emerging markets think about Bitcoin (survey)

What do you think these kids think of Bitcoin?

Bitcoin took us on a wild ride this year — it saw highs and lows, attracting both heady optimism and angry tirades from skeptics.

Most of the action happened in established tech markets in the U.S., Europe, China, and Japan, but the greatest implications could be for the developing world.

Jana is a mobile platform that connects brands with consumers in emerging markets. The company also has a research arm and decided to survey 1,800 people across nine countries — India, Indonesia, Philippines, Vietnam, Kenya, Nigeria, South Africa, Brazil, and Mexico — to see what they think about Bitcoin (infographic below).

When asked “have you ever heard of Bitcoin before today,” 48% of Indonesian respondents said yes, followed by 45% in Vietnam, and 34% in the Philippines — all Asian countries. South Africa and Mexico had the lowest response rates of 13% and 16% respectively.

58% of all respondents said they would “feel comfortable” investing in virtual currency. This number was highest in Kenya (74%), which could be due to the popularity of its mobile money service M-Pesa, which means people are already comfortable with digital money. Brazil and Mexico were the only countries where less than 50% of respondents would feel comfortable investing money in virtual currency.

Bitcoin is highly volatile — it soared from under $10 to over $1,200 over the course of the year, with various ebbs and flows. China played a huge part in driving the surge as well as the crashes. China’s largest Bitcoin exchange stopped accepting yuan deposits yesterday  morning, sending the price tumbling to $522. The price has since gone back up to around $700.

One of Bitcoin’s biggest selling points is how cheap and easy it is to transfer money. Traditional cross-border transfers (like Western Union) charge exorbitant fees, while Bitcoin is basically free. Furthermore, it is global and not controlled by one particular government.

Adam Draper, who runs a Bitcoin-oriented accelerator program, said that Bitcoin is still more of an asset than a currency. If and when it stabilizes, the impact could be the largest in countries with emerging economies.

“It is interesting to look at inflationary markets like Argentina, Venezuela, and India, where the value of a Bitcoin could be a better store of value than their own currency,” he said in an interview. “Remittances and cross-border payments are also a big deal, and Bitcoin could change the game if adopted appropriately.”

The respondants in Jana’s survey view Bitcoin as less safe than banks, more safe than the stock market, and comparable to investing in property.

However the Bitcoin ecosystem still has a long way to go before it is feasible or practical for people who don’t have money to gamble. Because Bitcoin is still just that — a gamble.

Jana_Bitcoin Infographic

Advertisements

About Alexander Gordin
An international merchant banking professional with over twenty years of business operating and advisory experience in the areas of export finance, international project finance, risk mitigation and cross-border business development. Clients include foreign governments, municipalities and state enterprises as well as Fortune 500 and small/medium enterprises. Strong entrepreneurial instincts, combined with leadership and strategic skills. Transactional and negotiations experience in over thirty five countries. Author of the highly acclaimed "Fluent in Foreign Business" book and creator of the "Fluent in OPIC", "Fluent in EXIM","Fluent In Foreign Franchising", "Fluent in FCPA",and "Fluent in USTDA" seminar/webinar series. Currently developing "Fluent In ......" seminars and publications. Co-author of the Fi3 Country Business Appeal Indices. Extensive international business development and project finance transaction experience in healthcare, aerospace, ICT, conventional and alternative energy infrastructure, distribution and hospitality industries. Experience managing international public and private corporations. Co-Founded three companies abroad. Strong Emerging and Frontier Market expertise. Published and featured in numerous publications including: The Wall Street Journal, Knowledge@Wharton, NBC.com, The Chicago Tribune, Industry Week, Industry Today, Business Finance, Wharton Magazine Blog, NY Enterprise Report, Success magazine, Kyiv Post and on a number of radio and television programs including: Voice of America, CNBC, CNNfn, and Bloomberg. Frequent speaker on strategy, cross-border finance and international business development. Executive MBA from the Wharton School at the University of Pennsylvania. B.S. in Management of Information Systems from the Polytechnic Institute of NYU. Specialties Strategic Management Advisory, Export Finance, International Project Finance & Risk Management, Cross-border Negotiations, Structured Finance transactions, Senior Government and Corporate officials liason

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Site Title

“Love recognizes no barriers. It jumps hurdles, leaps fences, penetrates walls to arrive at its destination full of hope.” — Maya Angelou

Museum of International Trade & Merchant Banking (MoMBIT)

chronicling the importance of international trade and merchant banking in the global development

Fluent In Foreign Business

Helping To Grow Your Business Abroad

Emerging Market Insights

How to make a killing in Emerging Markets without losing your shirt?

Ideas That Work @ GIDASPOV.COM

Strategy | Creativity | Innovation | Fundraising | Marketing

Nu Leadership Revolution Blog

“Helping Emerging Leaders Gain the Competitive Advantage in the Future"

Mike Z's Blog

Exploring the causes of cancer throughout the world

Bucket List Publications

Indulge- Travel, Adventure, & New Experiences

FranchisEssentials

Sharing Information, Insight and Perspective about Franchising, Small Business and Entrepreneurship

bizrisk.wordpress.com/

We Help Insurance Agencies Stand Out

The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

%d bloggers like this: