In our mission to grow Bitcoin adoption in South Africa, customers can now buy Bitcoin without needing a bank account!

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It’s been an exciting week in Cryptoworld and one that reinforced the idea that it’s never boring when you’re watching a new economic model taking shape in real time. 

The market correction caught many folks off guard as the price has been moving upwards steadily since the May correction, and was deeper than many expected. Bitcoin dropped from a high of $52,000 (R780,000) on Monday to a low of $45,334 (R 680,000) before stabilising around that mark. That action was matched by Ethereum who also dropped around 7% to $3,400 (R50,000) and the rest of the market followed suit (interestingly Solana weathered the storm and came out relatively unscathed – having been up 20% from the previous 12 hours, it returned to where is was and has since regained that 20% to its price at writing of $200 (R3,500) per SOL)  

For those wise souls who see a drop in price as another chance to accumulate future wealth, the dip was a welcome buying opportunity.

Just to prove that there is never a dull day in Crypto, the timing of the correction was striking. 

It happened on the same day that El Salavador became the first country to accept Bitcoin as legal tender after a long and well-publicised run up to the launch day.
The government had been installing ATMs that can handle Bitcoin and making sure that all businesses in the country would accept payment in Bitcoin.

The drop in price didn’t seem to worry the government of El Salvador at all. They announced that they had purchased an additional 150 Bitcoin worth around $7 million (R100 million). This is to add to the 400 bitcoins that the government purchased ahead of the launch earlier this year. 

Reuters reports on President Bukele’s plan; ‘Promising $30 of bitcoin for each user, Bukele has pushed for its adoption, saying it will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to people with no bank account.

“We must break the paradigms of the past,” Bukele tweeted. “El Salvador has the right to advance towards the first world.” The vision of this President is remarkable – seeing the future and the benefit that Crypto can bring to the people is a rare unicorn these day, where most governments are dead set on holding all the keys to the vault, and having the power to make the financial decisions for the country they administer as they see fit, instead of letting the free market flourish.

There is tremendous interest to see what benefits it brings to a country where the current financial system is not working for millions of people living in poverty with no real clear financial solution to their problems in sight. Give this president a Bells.

It’s a welcome break from the past and the whole world is waiting to see what effect it has on the price and the stability of Bitcoin in the coming months. We at Cape Crypto look towards it only with positive sentiments and excitement for their future and the butterfly effect it is sure to have on the rest of the world, we can only hope those ripples extend to our beloved country.

Image: The flag of El Salvador © Design_Bank/Shutterstock.com

What a difference a week makes!

Last Friday, Bitcoin was hovering around the $30 000 mark and investors were nervously wondering if it was going to drop below that psychological barrier. By Tuesday the following week Bitcoin had touched $40 500 and, although it lost a bit of momentum, it still managed to close the week up by 20%. 

Suddenly the news is turning bullish again. A scroll through the headlines reveals Bloomberg saying ‘Bitcoin is more likely to hit $60 000 than drop again,’ while the CEO of Digital Assets Data dropped the astonishing prediction that a single Bitcoin will be worth $1 million within the next 10 years.

The reasons for the rally were unclear, although there were strong rumours circulating that global giants Amazon were set to announce they would accept Bitcoin as a payment. That announcement didn’t happen but if it does, the upside will be tremendous and a game-changer. 

It’s great to see such excitement in the market but a dose of caution should be a large part of your crypto diet, as too often we’ve seen the market prove everyone wrong. 

In other news, Ripple and it’s digital asset XRP seemed to brush off the long-running SEC lawsuit when it announced a new On Demand Liquidity (ODL) corridor in Japan. ODL which used to be known as xRapid uses XRP as a bridge currency between two banks in order to remove the need for pre-funding using crypto liquidity. High transaction costs in normal banks have been identified as a key problem that XRP can solve and this is a great example of a real use case for cryptocurrency that should show no signs of slowing down. 

It’s worth noting that XRP’s price has been depressed for some time thanks to the big, confusing lawsuit with the US Securities and Exchange Commission, but the rest of the world has just shrugged and continued to innovate with XRP and move the whole industry forward. 

At Cape Crypto, we continue to innovate no matter what the price. Our goal remains to be the quickest and easiest way for South Africans to own a piece of this dynamic, growing market with the lowest trading fees in the whole country. Remember that you can spend as much or as little as you want to get started right now. If a coin does go up to a million dollars, wouldn’t you hate to know that you missed out on that opportunity. 

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Understanding the core value of Bitcoin requires us to take a step back and examine two concepts of society: Leadership and Authority.

What is the difference between authority and leadership and what is their correlation? 

Authority is the state of having charge over a community, with the power, the means and the might to enact decisions over this community regardless of the choices, opinions, beliefs, feelings, or thoughts of the community.

Leadership, on the other hand, is explicitly representative of the community. Leadership exists because the people in the community have raised a hero from it, that represents them. A leader is a person who influences and inspires through truth, integrity, and transparency. A true leader serves the people, and finds meaning through service. 

So what happens when you have people in authority who are not leaders but are instead simply after power? You have a dictatorship. This more and more is what we have collectively witnessed worsen over the past year as government representatives have clamoured for power at the expense of our freedoms. We have seen our jobs ripped away from us by enforced lockdowns. We have seen our livelihoods destroyed by lockdowns accompanied by the trite phrase “lives over livelihoods” as if the two are somehow magically separated. We have seen people lose all their income and deplenish their hard earned savings. People have become destitute. People are dying from suicide, hunger, and crime, because the government lockdowns have wrecked the free market economy. Government lockdowns were certainly not the will of the people who have lost their jobs.

Authority without leadership is a dictatorship.This is the core of the problem, and this is where Bitcoin comes in.

Bitcoin is the anti-dictator defence device of critical thinking, forward-looking people. It looks to the Future and sees the trajectory of the loss of freedoms that have been gradually surrounding all of us as we have been gradually coerced into surrendering more and more of our privacy, more and more of our freedoms and control over our time and money.

Bitcoin is an attempt to reclaim some of those lost freedoms. It is a means of managing our own time and money. 

Money equals time. In essence, if you don’t have money you need to sacrifice your time in life in order to work to get money to survive. If you have money you don’t need to work and you can instead spend that money on activities in life that you enjoy and that fulfil you. 

Now up until this point in history money has been tightly controlled by the bankers, lenders, and the governments. it’s been tightly controlled, tightly regulated, and the circulating amount of money has been inflated or deflated at will. What bitcoin aims to do is give you back your time and freedom because Bitcoin is a means of escaping the hyper-inflation that the governments have been levying on us and burdening us with for decades. 

Most people haven’t had the time to fully grasp what inflation actually is – inflation is the act of printing money, unbacked by any security, and adding it into the existing money pot. Now some traditional financial people might try and tell you there’s much more to monetary policy than that and to a small degree there is, but the fundamental, the 99% of it is that if you print more money, the value of the existing money in circulation decreases.

Here is some simple logic: You had R20 spending power to buy a bag of apples. The government decides to print more money. Shops put up their prices to cover this inflation, and all of a sudden the price of apples is now R22. But you haven’t been given any of this newly printed money have you? You still have R20, but now your spending power of your hard won R20, is worth less than it was. It’s less than the bag of apples. Thanks to the decision to print more money, you can no longer afford the bag of apples.

Let’s look at it another way, whenever the government decides to print money, it is essentially comparable to them removing money directly out of your bank account. Because the spending power of the money in your bank account is now worth less – you are able to buy less things. This means you get poorer and poorer everytime money is printed.

This is the bane of inflation. Of course in a capitalist world a bit of inflation can be good, it can stimulate buying – we don’t want to live in a world with the opposite of inflation – ie deflation where it stimulates saving your money instead of spending (because it is worth more tomorrow than today, so better to hold off buying those apples because they will be R18 tomorrow) because that sends the markets grinding to a halt as people are reluctant to part with their money today because money is worth more tomorrow than it is today. 

So while inflation itself is not a terrible idea, the problem is that decisions taken by government decision makers have the power to dilute the market whenever they see fit. Now through all the global lockdowns throughout the world as so many loans and stimulus packages are being invented and more money is printed to pay for them, what they are doing, and you need to recognise this, what they are doing is they are systematically lowering everybody’s net worth. 

Unless you hold Bitcoin your net worth has been lowered every time money, or a new stimulus package is printed. 

OK so what’s the answer to all of this? 

Is it simply to sell everything and put everything into Bitcoin? No of course nothing in life is that extreme, but what is looking more and more likely is that there will come into being a parallel system through which we will have both centralised and decentralised money, because to the governments that we nominate, elect, and fund to to maintain the roads, sewage, and other public works like parks and recreation we will continue to pay tax towards – and these entities need to be centralised and they need to be controlled and centralised from centralised powers of public accountability. This is ok, this is good, this is reasonable – we as a community put somebody in charge of things that we as the whole community have decided that we want, we all want sanitation, we all want roads so we are content to pay some taxes towards that, but this vast, draconian scope that the global government’s have amassed,  this whole power grab of controlling money and freedoms this needs to end and this is why Bitcoin was created – it was created to defend against inflation and protect individual fiscal freedom. 

Do you remember the 2008 collapse – the ‘global financial crisis’ that’s what it was called. Global financial crisis. That was 12 years ago, this was the genesis of Bitcoin because governments decided to print money to bail out failing companies and they up-ended our free market. This goes far beyond their mandate as public servants.

Bitcoin is the defender against that, it is the public defender against hyper-inflation. This is why it’s imperative that you own it and this is why the price keeps going up, because of the printing of more and more money. Can you see the same thing is happening now? What happened in 2008 is a stark warning to what is happening today. 

So buy Bitcoin and hold it, but of course we all still need to work and play in society. Cape Crypto is a centralised entity because we recognise the value in banks and centralisation, we don’t dislike fiat money we don’t dislike local currency, but we do dislike government decision makers with too much power having the whimful power to print money whenever they see fit, to the detriment of us, the people, without the people’s consent. We dislike dictatorial governments, but we love leaders. 

This is the fundamental problem that Bitcoin is solving. This is why Bitcoin.