How South Africa is Becoming More Involved in the Crypto Space

bitcoin south africa

Bitcoin fever seems to be sweeping across the world as of recent. One of the places that many don’t think to look is South Africa, where the market on bitcoin is growing at an exponential rate.

Werner Van Rooyen of Luno, one of the two bitcoin trading platforms registered in South Africa stated that “we are seeing a massive increase in interest in cryptocurrencies.”

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Gareth Grobler of the other registered trading platform stated recently that “we estimate that between 200,000 and 300,000 people in South Africa are now involved in cryptocurrencies.”

Bitcoin and the rest of the cryptocurrency market is something that is worth a large amount of consideration in the country. There are currently over 1,000 cryptocurrencies available to purchase, but of those, only 17 have a market capitalization of over $1 billion. That market cap threshold seems to be the amount that people are willing to invest in the currencies. Whether or not they have a large enough market cap can help investors decide whether or not it is in fact a legitimate currency in the crypto space.

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Bitcoin is currently first in the game with a market value of over 56% of the entire cryptocurrency space, at over $188 billion. With Ethereum being the second largest at $45.4 billion, it doesn’t seem like the cryptocurrency industry is going anywhere soon. The hopes are high that countries like South Africa can continue to legitimize an industry that is often given a bad rap by those who use it for illegal purposes. With countries like the one mentioned, it seems like the cryptocurrency world is something that is poised to grow by a substantial amount over the course of the next few years. As the world becomes more accustomed to crypto, it will be interesting to see where the market goes.


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