In addition to Bitcoin pushing new All-time-highs in price, over the weekend South Africa saw new all-time highs in trading volume for Bitcoin as well. This rise in trading volume is an indicator of the enormous growth in interest Bitcoin has seen recently.
South Africa’s biggest Bitcoin exchange (Luno) saw around R128m traded on the platform between Friday and Sunday. Bitcoin it seems is no longer seen as a fringe, outsider “nerd” money for hackers. Individual investors, Institutional investors and businesses have since become interested in Bitcoin.
The recent spike in trading volume has been attributed to the implementation of Segwit (Segregated Witness) recently which happened shortly after the contentious hard fork of Bitcoin and Bitcoin Cash. Due to it’s limited nature and strong demand for the cryptocurrency, the price per Bitcoin on August 15th reached a new all-time-high of R68,449 on Luno exchange.
The surge in interest recently has led to regulators looking more closely into cryptocurrency regulations. Local start-up Bankymoon is said to be working closely with government and the SARB in a trial run to test it’s new regulatory framework.
Do you think that South Africa will become a dominant player in the global cryptocurrency space?