South Africa’s Richest Woman Thinks She Wasted Her Money On Bitcoin Investment
Most people who came to Bitcoin early have made profits as it is one of the biggest growing assets in the past decade. However, Magda Wierzycka, the richest woman of South Africa doesn’t seem to be on board on the crypto train.
In a recent interview with Bruce Whitfield on The Money Show, Wierzycka was asked if she ever wasted money. She replied: “Bitcoin! Bitcoin! Bitcoin! Bitcoin!”.
She goes as far as calling cryptos the biggest skeleton in her investment closet.
“I bought my first Bitcoin at $4,000 and my last Bitcoin at $18,000 and watched it plummet – literally – the week after. I was completely caught up in Tulip Mania, I completely bought into the story that this is the digital gold – the digital store of value. I don’t care. I’ve lost so much money. I trust nothing any longer.”
However, Wierzycka has said the company believed strongly in the future of blockchain technology. Her firm Sygnia’s announced that it plans to open a cryptocurrency exchange by November will make it easier for South Africans to invest in this controversial currency.
Their clients will be able to buy cryptocurrencies, such as Bitcoin and Ethereum, on the planned exchange. In so doing, the exchange will hope to benefit from a growing interest in digital currencies.
Wierzycka arrived in South Africa as a 13-year-old refugee from Communist Poland and rose to the very top of the male-dominated world of finance. She co-founded Sygnia Group and became its CEO in 2006. Sygnia is a leader among asset managers in South Africa when it comes to the provision of low-cost, passively-managed investments.