South Africa might soon become the frontier in the global cryptocurrency market. South Africa has developed a lot throughout the past several years and has not once shown the whole world that it is capable of doing greater things. So we should not be very surprised while considering that the biggest crypto market can easily settle in South Africa.
Those are not just words, but the reality we live in. The popularity of cryptos in the country is determined by several facts. First of all, the economy is growing and the country is evolving and the second is that the South Africans are eager to invest their money in assets that potentially could bring them wealth.
If we evolve on the topic a bit more we should consider several factors, while naming South Africa as a possible frontier in the crypto market.
With a population of almost 60 million people, the country has a reasonable amount of people who are willing to do something rather than their traditional work. For centuries the continent of Africa was thought to be the tribes and uneducated people. The 21st century has proved the opposite, granting South Africa and many other African countries a valid seat among the swiftly developing countries.
With the development-oriented government and people, the opportunities are not left unseen here. The first-ever cryptos became a thing in South Africa was back in 2013 when the crypto market opened the door to the Africans. This was the period of a crisis and a lot of money was printed, in the hope to stop inflation all over Africa.
Since then, the interest in cryptos is steadily growing in South Africa. Some economists say that it is a disruptive innovation that will blossom all over the continent. The reason for them saying this is that Africans want to have decentralized currency present in the market. Because cryptos and mainly Bitcoin are all decentralized and have blockchain technology as the main system makes the currency extremely reliable.
It is true that nothing can blossom in a place where we don’t want it to. This is very true about the crypto market as well. If the majority of people and the government are against implementing the crypto policy, then it should not have a highway for success in that country. Although, in South Africa, the government has a very crypto-friendly policy and encourages people to invest more in digital assets.
The laws and regulations in the South African market are not for limiting the market and people from investing, but rather securing the people. The fact that cryptocurrency does not need anyone to be in charge and does not need ant wired transfers, makes it very easy for the people. The difference between cryptocurrency and, say, Visa or Mastercard, is that a cryptocurrency is not now regulated by the government and doesn’t need middlemen, and transactions rely on the internet, which means they can happen anywhere in the world.
The economic situation of South Africa contributed to the popularity of the crypto a lot. People seek new opportunities simply because they need another source of income and another way to earn money. Other than that the population is quite poor and the traditional methods of earning money do not promise much.
Thus, there are many people who are ready to invest in cryptos and have a long-term growing income. The amount of people willing and ready to contribute to the development of the crypto market is way higher than in many other countries. The statistics have also proved this, by showing a constantly increasing number of people engaged in trading. The fact that more and more people sign up for a forex no deposit bonus South Africa, makes it more vibrant that more people want to invest in trading.
Crypto trading is one more reason why people invest in it. The forex market is highly volatile and changes constantly. While other currencies are very sensitive towards the changes and the political situation in the country, the cryptos stay relatively stable, and thus, more and more people switch to crypto trading.
Just like crypto itself needs more stability to evolve in the market, the country’s economy needs to be stable as well. While the perfect economy truly does not exist, the South African economy has stable growth. Moreover, with the constant evolution of the fields and many more investors being attracted by the country, many new steps have been taken in order to make the country even more appealing to others.
Everyone knows that good does not come without bad, so it is bitcoin. It is unpredictable and because of being decentralized, it can never be traced and some very unexpected moments such as a drastic fall down in price can happen, just like in 2017. Though, experts, such as Mr. Darko, believe Africa should warmly embrace innovation. “Truth be told, Africa needs blockchain technology and its resultant cryptocurrencies more than any part of the world,” he says.