Bitcoin Investment Reaches All Time High in South Africa

bitcoin south africa oct 2020

Bitcoin is becoming increasingly popular in South Africa, a country in depression where the GDP has fallen by some 20% after stagnating for half a decade, growing by just 1%. They are now turning towards bitcoin more and more to preserve some value, with bitcoin investments reaching all time highs in South African money, Zar. Some $2.4 million exchanged hands at the peak recently in peer to peer bitcoin trading in the country. While in centralized exchanges Luno and Valr handle more than $10 million a day in BTC/ZAR trading. That’s significant for a country of $350 billion in GDP where inflation is slightly high at above 3%. Like much of the world they too are worrying about how the lockdowns may affect their economies and the value of their money. That’s especially the case as in South Africa there are capital controls. Citizens there can’t easily move money out…

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