According to a report, one in three South Africans own cryptos while one in two intend to buy them. The South African rand, meantime, has slid 20% this year amid fears of land repatriation and lawlessness.
Bitcoin isn’t necessarily required in place like London, Los Angeles, or Hong Kong. There, it is mainly a tool of speculation as credible and viable central-bank currencies exist and do a fine job. Elsewhere, in Cape Town, Durban, & Pretoria, for example, money is on the move – as this report by U.K. consultancy Luno shows.
“The existing financial system was built for a non-digital age but the world now has access to new technologies like decentralized cryptocurrencies. This is enabling us to reimagine the financial system and to upgrade the world to something better.”
Indonesia & Malaysia are also popular crypto hubs, the report states.
The revolution in digital assets is a challenge to weak central banks, rudderless local governments & ineffective banks everywhere. Disruption comes at a price & there is a cost to those in the hot seat.
Adoption will come slowly but if you’re looking for it at the local pizza shop you’re probably going to be chagrined. It will show up first in places you may never have been to, but once it does its eradication will be much more difficult.