South African Companies Convert Cash Holdings Into BTC— Crypto Asset Is Hedge Against Devaluation – Emerging Markets Bitcoin News
According to new reports in South Africa, private companies are converting some of their money into bitcoins to protect themselves from devaluation of the currency. According to a report, open source software company LSD Open could be the first South African company to take this bold step after buying bitcoins for $134,000.
As the onsite report explains, LSD Open completed the purchase in two separate transactions, paying an average price of just over $34,200 per BTC. At the time of writing, the BTC value of LSD Open shares has increased by almost 70% in a few weeks. Meanwhile, the report also reveals that the acquisition of LSD Open BTC was facilitated by Bitfund, a local cryptocurrency exchange.
Stefan Lesiknik, CEO of LSD Open, has reportedly explained how bitcoin’s features align with his company’s philosophy, Lesiknik said:
Our vision is to make the world more open, and Bitcoin supports our philosophy of how we think the world works best.
The CEO adds that working in the open space seems to appeal to many cryptocurrency enthusiasts, for whom the decentralized and open nature of cryptocurrencies is attractive. At the same time, Lesiknik reveals that LSD Open is also involved in several ecosystems, including the launch and support of full Bitcoin nodes.
More companies plan to buy
At the same time, the same report quotes Dean Joffe, co-founder of Bitfund, who describes how his organization has helped seven or eight South African companies buy cryptocurrencies – mainly bitcoin and stablecoins like USDC. Joffe adds that his company is already in talks with two JSE-listed companies to do the same for them.
However, the report explains that these companies have yet to pull the trigger on buying cryptocurrencies.
What do you think about South African companies buying and owning BTC? You can tell us what you think in the comments below.
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