TL;DR Breakdown
- Cyril Ramaphosa may invest in cryptocurrency in the future.
- South Africa becomes a hotspot for crypto trading and mining.
- The future of cryptocurrency adoption seems very bright in South Africa.
Cyril Ramaphosa, sworn-in in 2018, is the 21st elected president of the Republic of South Africa. Despite being president, he is also the 42nd richest man in Africa with his net worth estimated to be around $450 million, the bulk of his money coming from investments he had before being elected president.
In recent times, it has been suggested by many that Cyril Ramaphosa was giving out aids in the form of Bitcoin to struggling South Africans. While this rumour is unverifiable, it raises a question over how influential the South African president has been over the adoption and promotion of cryptocurrency in the country.
South African Crypto Adoption and Cyril Ramaphosa
South Africa in recent times, have become a hub for many cryptocurrencies and blockchains, particularly in the area of trading and mining. Coincidentally, the massive crypto awareness and adoption happening in South Africa comes at a time when Cyril Ramaphosa is president. This has led to many speculations over his involvement behind the scenes.
Recall that in 2018, South Africa established its first ever Bitcoin ATM at its executive capital in Pretoria, only months after Cyril Ramaphosa assumed office. Three years on, South Africa has had the highest number of crypto ATMs in Africa, with their Bitcoin ATMs totalling nine, and spread across different parts of the country.
Contrary to some other African countries like Nigeria, which placed a ban on cryptocurrencies, the government of South Africa under the leadership of Cyril Ramaphosa have not instituted any policy restrictions as regarding Bitcoin and other altcoins, an act that could be regarded as encouraging the cryptocurrency and blockchain industry in the country.
What Next For South Africans and Cyril Ramaphosa?
While in the future, the South African president may decide to extend his investments with cryptocurrency, the 21st elected president of the Republic continues at present to maintain a quiet stance in the public.
In the meantime, the cryptocurrency industry in South Africa continues to thrive as more South Africans are becoming more aware of how it works. While the educated others continue in their trade and investments in cryptocurrencies, the future of the South African cryptocurrency industry continues to shine brighter, and it is expected to remain so for a long time to come.
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