Tag: Bitcoin (BTC)

Dive into the captivating world of ownership, technology, and crypto as Maverick451, the book-publishing arm of Daily Maverick, introduces its latest publication, It’s Mine: How the Crypto Industry is Redefining Ownership, penned by the renowned author and blockchain authority Steven Sidley.

Although cryptocurrencies are on an upward trajectory in South Africa, a cryptocurrency wallet is worthless without its key or password. That was the reality for a 24-year-old Bitcoin-holder in 2021, who, after mining 20 Bitcoin for more than ten years when the cryptocurrency was still only worth a few cents, lost his wallet key and access to around R14.18 million in Bitcoin.

Although the world of crypto-related financial services is in turmoil at the moment, its underlying blockchain technology has a vital role to play in the future of banking and other financial services. In the world of finance, we are currently seeing real consensus between the traditional and the Web3 players that the combination of secure private banking, blockchain technology and Bitcoin custodianship is the future and holy grail of banking.

After over a decade of Bitcoin, which has now moved beyond lore and hype into an increasingly robust star in the firmament of global assets, a new and more important question has arisen. What happens beyond Bitcoin? 

Cryptocurrencies such as bitcoin are unlikely to become commonplace as tender for mergers and acquisitions. Increasingly, sellers want hard cash and are not opened to listed shares as a medium of exchange never mind bitcoin.

Cryptocurrency has heralded a new dawn of investment, and regulators worldwide have been sluggish to respond. However, it is now firmly on the tax radar for revenue authorities globally; and the South African Revenue Service (SARS) position seems to be no different.

The infamous case of South Africa’s Mirror Trading International (MTI) has been crowned as the world’s largest cryptocurrency Ponzi scam. A total of around $589 million was lost, affecting hundreds and thousands of investors, according Chainanalysis’ 2020 Crypto Crime Report.

Ongoing volatility, further progress on regulations and continued interest from institutional investors can be expected in 2021. Looking back at our predictions from last year - the Bitcoin halving happened without a hitch and the industry matured as institutional investors entered the market.

With the South African Bitcoin/ZAR weekly trading volume, to name just one, currently standing close to R30 million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.

The earth also looks pitch black at night to those in search of the world’s second largest continent – and half of the earth’s land mass, for that matter. But now imagine this: what if, some years down the line, Africa was orange? What if, by the year 2030, viewed from outer space, the continent was ablaze with little lights, symbols of prosperity and connectedness, everywhere?