The Rise of Bitcoin in South Africa
South African Bitcoin trading circuit experienced an all-time high last week in terms of trading volume and new price goals reached. This upheaval in trading volume portrays the dream run of South African market in digital currency sector this year.
Luno, a premier Bitcoin trading platform in South Africa reported a record trading volume of R128m i.e. 97 million USD within Friday and Sunday, last weekend.
RMB’s Farzam Ehsani in a recent interview with Techcentral attributed the proper implementation of Segregated Witness to the prosperous growth of Bitcoin trading in South Africa. Bitcoin community experienced a lot of negative sentiments pertaining the hard fork leading to difference in opinions amongst peer groups. Given the difficulty associated in running protocol upgrades and blockchain’s decentralised nature, a large chunk of investors diverted to the new born cryptocurrency Bitcoin Cash without gauging the final effects of the hard fork. However amidst mass confusion, the fork proceeded in the manner intended drawing back people to the cryptocurrency arena with renewed interest. The increasing demand of Bitcoin has also skyrocketed its price and ushered in comparison with the yellow metal.
The increased trading in South Africa has also set the ball rolling for regulators to come up with a well drafted framework related to cryptocurrencies. The government has responded to the same with a trial testing on ‘regulatory sandbox’ working in collaboration with Bankymoon, a Blockchain solutions provider.
Lorein Gamaroff, the CEO of Bankymoon holds the view that Bitcoin is slowly travelling in the path of mainstream adoption. It has surpassed the area of being the plaything of geeks. People outside the Bitcoin periphery are also showing significant interest in the working technicalities of Bitcoin and that is how more and more money is being pumped into this sphere.
Mainstream institutional investors are swearing by the predictions made on a daily basis by mainstream pundits. It is becoming more like share market with every passing second. It has already crossed that stage when people associated it with money laundering and drug peddling.
John Mcafee of the McAfee Anti-virus organisation, says Bitcoin will be $500,000 worth with in three years.
Gamaroff also believes that the market for Bitcoin is highly bullish thanks to the renewed investor confidence following debate resolution. It surely won’t come as much of a surprise if the Bitcoin prices doubles up by end of this fiscal.
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