Bitcoin hits all-time high price against South African rand

Bitcoin hit R1,109,815 in early-morning trade, blowing past its previous all-time high price of R1,060,000 from 10 November 2021.

Farzam Ehsani, co-founder and CEO of VALR, Africa’s largest crypto exchange by trading volume, said this was cause for celebration and concern.

“On one hand, 15 years post-launch, it’s clear how resilient Bitcoin truly is,” Ehsani stated.

“Despite the bearish market conditions over the past two years, it has seen an increase in the number of Bitcoin wallets, reached new heights in terms of hash rate, [and] experienced institutional adoption since the launch of Bitcoin Spot ETFs in the US,” he said.

As a result, Bitcoin is also inching towards new price territory in US dollar terms.

“With a vengeance, Bitcoin is re-emerging as the asset class of choice to hedge against currency debasement and as a way to access and participate in the global economy,” Ehsani said.

“On the other hand, it is alarming to see Bitcoin reaching new all-time highs not only in South Africa but also in other emerging economies, including Nigeria, Argentina, Lebanon, Turkey, and Egypt.”

Ehsani said that although inflation is a global issue, impacting countries like the US, the UK, and regions like the European Union, its effects are significantly more pronounced in emerging economies.

“Bitcoin’s steady rise speaks to its success but also signals the deterioration of today’s outdated monetary systems,” Ehsani said.

“This makes our mission to make Bitcoin more accessible to all even more urgent.”

Farzam Ehsani, VALR co-founder and CEO