Boom or Bust for South Africa’s Next Bitcoin Gold Rush as an Investment Opportunity
Why the Gold Rush Introduction of Bitcoin in Africa Is a More Significant Investment Opportunity
A large number of people have so far been involved in the cryptocurrency market since its inception. Nonetheless, some people have been left out on the gold rush of using the cryptos. Well, are you among those who are yet to experience this hyped technological advancement, then worry no more because Bitcoin is bringing a much bigger opportunity close to you.
In a documentary dubbed “Bitcoin Boom or Bust” by CNBC, Melissa Lee takes viewers to Khayelitsha, an emerging urban setting in South Africa, where the use of cryptocurrencies is seen as a viable investment opportunity.
Many crypto users in Europe, America, and any other sophisticated countries view cryptocurrencies as the best way of having fun with your money. Some view it as a movement against centralization while others get into it just as a fun technology game being played by anybody who joins the network. This makes people in such areas to view it as a less important technology.
However, this is not the case in Africa, where one of the biggest problems is sending and receiving of money from family and relatives especially those who are miles away from home. For this reason, it is almost a necessity for everyone to at least have access to cryptocurrency in Africa.
In the documentary, Mr. Ran NeuNer, a blockchain investor and a host of Crypto Trader on CNBC takes Melissa Lee to one of South Africa’s biggest and most impoverished Townships. Here, residents lament on how they are exorbitantly charged to send or even receive money, showing why such places could be the epicenter of the revolution in the cryptocurrency market.
Just like in the rural and urban centers, several cities in Africa are yet to embrace cryptos, a good example being Cape Town in South Africa, where sending money to other countries is still a major concern. It is in Cape Town where Mrs. Lee comes in touch with an Uber driver, who paints a true and vivid use case for cryptocurrencies.
The uber driver laments how sending money through the bank or any other mobile service provider is hectic. Sending money through the bank is time-consuming and may take up to several days or weeks for the money to reach his family members back in Zimbabwe, several kilometres away from Cape Town. Sometimes the banks run out of money making the process a real hassle.
Another available option of sending the money is using a money wiring service. This option is faster and immediate yes. The only problem is that it is very expensive and costly, charging up to 10% of the money being transacted. The only available option available is sending money using buses, where money is transferred as parcels. Mr. Ian, the taxi driver, prefer this because it is cheaper, although it is slow and risky since the bus can be hijacked or even be involved in an accident.
With all these scenarios, there was the need of coming up with a way of sending money which is cheap, safe, faster, and more reliable. Bitcoin is going to be a boom if all these interests are taken care of. It is expected to be a significant investment plan and a booster in the money exchange market within South Africa and Africa at large.