Topic: Bitcoin Surges 5% in South Africa (Read 288 times)
Still world economy is dominated by USD so even though African countries have big gold mines and gold is regarded as quickly exchangeable asset most of the African countries are under bad economic situation. They may start to realize soon that the best way is to convert their gold into bitcoin and store them which will certainly pull new marketcap to bitcoin increasing the price exponentially as well as price manupulation will be lower than their national fiats.
This article seems really click-baitish because the South African currency is going down and pretty much any currency trading against it is going up.
Though it is not clear the extent to which the weakening South African currency rand will go compared to what is happening in Venezuela, Bitcoin price in the country rose by almost 5% this week.
The sharp rise which happened in less than a day was a reaction to a National Prosecuting Authority (NPA) decision to charge Finance Minister Pravin Gordhan.
The announcement caused the rand, which was 3.43% lower at R14.27 to the dollar by late afternoon on Monday October 10 and 1 BTC = R8, 891 on BitX exchange by midnight, to rise to be 1 BTC = R9, 298 by 14:00 on Tuesday.
The price has changed slightly since then - going as high as 1 BTC= R9,499 on Wednesday - but stands presently at R9,353 on the same exchange as at the time of this publication.
https://cointelegraph.com/news/bitcoin-surges-5-in-south-africa-venezuela-with-its-1500-inflation-may-follow
The sharp rise which happened in less than a day was a reaction to a National Prosecuting Authority (NPA) decision to charge Finance Minister Pravin Gordhan.
The announcement caused the rand, which was 3.43% lower at R14.27 to the dollar by late afternoon on Monday October 10 and 1 BTC = R8, 891 on BitX exchange by midnight, to rise to be 1 BTC = R9, 298 by 14:00 on Tuesday.
The price has changed slightly since then - going as high as 1 BTC= R9,499 on Wednesday - but stands presently at R9,353 on the same exchange as at the time of this publication.
https://cointelegraph.com/news/bitcoin-surges-5-in-south-africa-venezuela-with-its-1500-inflation-may-follow
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