Bitcoin has smashed through all-time price highs in 2021 – and many other cryptocurrencies have too. Many South Africans hold strong views – that Bitcoin is a scam, a crashing bubble, and that it has no intrinsic value at all.
What is all the fuss about? Is it just a passing fad or the future of money?
Marius Reitz, Luno’s GM for Africa, unpacks the most common misconceptions and questions about Bitcoin.
Myth: Bitcoin is a massive bubble waiting to burst
A longer-term view of Bitcoin performance
Only time will tell whether Bitcoin will continue to surge or not. For now, however, it may be useful to take a longer-term view of Bitcoin’s performance. What is evident is that reports of the demise of Bitcoin seem to have been greatly exaggerated.
Many former naysayers are now dipping into Bitcoin and other cryptocurrencies and adoption rates continue to rise. JP Morgan, one of the largest investment banks in…