95

Cryptocurrency Regulatory Framework in Zimbabwe

under consideration, which included stock exchange, unit trusts, savings, properties

and business, amongst other options.

The main investment portfolio in the harsh Zimbabwean economic environment

was savings, as represented by 47.1% of the respondents. Trading on the stock market

was mentioned by a huge 22.1% of respondents, enough to suggest that there would

be an interest in investment. The other discussed portfolio was business. People try

their best to spread risk, at the same time generating revenue for further business

expansion as well as meeting family needs. Investment in properties and unit trusts

was minimal; both attracted a combined 6.4%. In short, people in various sectors

of the economy were relying on their savings as an investment option, although not

much was being realized in terms of interest.

6.4.3  Reliability Analysis

The exploration of the demographic details enabled the transition towards tackling

of research objectives through the use of independent and dependent variables.

Reliability is generally used in research to check for consistency of data instruments,

especially amongst the variables. The statistic of choice is the Cronbach Alpha coef­

ficient, which is used to confirm that the instrument’s objects in the survey are alto­

gether measuring the same constructs.

Table 6.3 shows a Cronbach’s alpha coefficient of 0.733, implying that the study’s

instrument was consistently measuring a similar construct and hence, was reliable.

6.4.4  Establishing the Most Used Cryptocurrency in Zimbabwe

Based on Table 6.4, the most used cryptocurrency in Zimbabwe was the Bitcoin.

Considering also that this is the first-generation cryptocurrency, most people had

become familiar with it. The mean value (2.00) points to an agreement by respon­

dents on the subject. The adoption of other coins was low, although Bitcoin cash,

Ether and Litecoin had scored some notable points in the market.

Related to cryptocurrencies was the frequency of use of this currency by the gen­

eral public, as illustrated by Table 6.5.

For those with a desire to use the cryptocurrency in foreign markets for buying

and selling, this is revealed by the rate at which one acquires the coins. More than

50% of the respondents had acquired Bitcoin more than twice, as indicated by a

combined value of 66.4%, although there were some who had never used a Bitcoin

before. This is understandable, considering the frequency of use in Zimbabwe, with

TABLE 6.3

Consistency Data of Demographics

Cronbach’s Alpha

Cronbach’s Alpha Based on Standardized Items

No. of Items

0.733

0.766

36

Source: Primary data.