The cryptocurrency market has exploded in 2021, with dozens of new crypto assets and coins joining the fray.
The entire crypto market has taken major steps towards legitimacy this year; Major companies and the Central American nation of El Salvador are using crypto as legal tender.
South Africa too has placed itself on the crypto map with Safcoin, Africa’s first digital coin launched exclusively to SA buyers in 2018.
It’s been listed on HotBit, one of the world’s major cryptocurrency trading platforms.
Today, CMTrading CEO, Daniel Kibel, shares his thoughts on cryptocurrency.
Q: What are your thoughts on El Salvador using Bitcoin as legal tender?
“This is big news. El Salvador is a small country, but these moves always need to start somewhere.”
“So, the fact that one country is even starting with Bitcoin could trigger a snowball effect, as more and more people use crypto for payments.”
Q: How popular is crypto trading in South Africa?
“There’s a lot of interest in South Africa but as with everything else, there’s a lot of get-rich-quick schemes with crypto.”
“Unfortunately, people are losing a lot of money and they need to be careful and ensure they’re working with regulated entities.”
“There is no such thing as guaranteed profits.”
“It’s the same if you’re trading stocks or indices.”
“It just seems that crypto is the ‘new kid on the block’, and people are making a lot of money out of it.”
“You need to be aware that it’s an investment like any other. At the moment crypto is huge in Africa, especially in South Africa.”
Q: Safcoin made crypto history – what does this mean for the market?
“It’s interesting as SA has always been a financial center specifically for Africa.”
“If you look around Africa, they are following South Africa’s trends and will look to the nation for regulation.”
“It has the strongest regulations in Africa.”
“Safcoin’s listing is a natural progression due to the popularity of crypto locally and gives more credibility to crypto within African.”
Q: Will China’s ban affect crypto?
“China, banning crypto will have, in my opinion, insignificant effect on the industry.”
“Remember, Google, Facebook and WhatsApp are blocked in China, but this hasn’t affected their price.”
“China is a completely different world; it’s a world where everything is fully controlled and the things they can’t, they shut down.”
“They can’t regulate crypto and therefore they shut it down.”
“It won’t affect crypto because that’s just how the market is and if the world shifts towards a crypto-based economy, eventually China will join the party.”
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