When you think of cryptocurrencies and the areas in which they’re likely to be very popular, South Africa isn’t a place which immediately springs to mind. However, the country is believed to be the number one on the planet when it comes to possession of cryptos such as Bitcoin, but many people still question how this has come to be.
Well, where cryptocurrencies and the interest in them in other areas of the world has come about due to intrigue, in South Africa the picture is very different. Cryptos have been adopted in the country out of necessity more than anything. For example, unemployment in Africa was rife for many years, and even graduates struggled to find jobs, however that all changed thanks to cryptos for the most part.
One thing you can be sure of in South Africa is access to smartphones, which in turn have access to the internet. This therefore enabled citizens to begin trading in cryptocurrencies such as Bitcoin, which provided a way to make a living. From there, even more opportunities arose thanks to the knowledge gained trading with cryptos, with the number of South African Forex brokers one which continues to rise. In effect, cryptos provided and continue to provide opportunities for people within South Africa to carve out their own future. This ultimately led to the rise of reputable brands such as Luno and their bitcoin wallet, as the demand for cryptocurrencies relentlessly continues.
There was a leaning towards gold at one stage when it came to making money during the years of struggle, but it simply didn’t make financial sense to do so. Investors would have to commit substantial finances where gold is concerned, especially when considering just how low the volatility of the precious metal is. So, with big investments required and low volatility considered, gold very much lost its shine, and in stepped cryptocurrencies.
So, with cryptocurrencies, investing and trading being the future, it’s now common to see fresh initiatives active in South Africa, ones which have never been seen before. Experts are now delivering lectures and studies for free, to educate citizens, while the Financial Services Conduct Authority also followed suit, ensuring access to education on finance was available to everyone who needed it. There are even work groups being set up to gain insight into crypto regulation.
This saw the birth of a whole new wave of entrepreneurs, who have then been integral in bringing through new generations of financially minded entrepreneurs themselves, with he focus having moved from gold to cryptocurrencies such as Bitcoin and local currencies such as Pip Coin, which was created by trader Ref Wayne.
While the popularity of cryptocurrencies in South Africa is still at an all time high, there’s still room for further growth. Therefore, it’s highly likely that this upward trend will continue for many years to come, with more and more citizens going on to turn entrepreneur as a result. With governments around the world looking to apply more taxes, and with local currencies also unstable in many areas, it could even see people head to South Africa to not only seek refuge, but to also get involved with cryptos.