More and more people are looking for alternatives as governments seem to make decisions that have a burdening impact on its citizens in the end. The world has witnessed first-hand the Greece banking institution collapse in 2013, the Brexit issue uncertainty with UK leaving the EU, the fall of the value of the Nigerian Naira and the latest in South Africa with the recent axing of Finance Minister Pravin Gordhan and his assistant by President Jacob Zuma, flinging SA into a downgrade junk status last week by two major rating agencies.
The recent cabinet re-shuffle, has seen SA go from a progressive economy to an unstable one, in less than a week. What this actually means for South Africans, is that life just got more expensive and the value of the rand shrank.
Shireen Ramjoo, Founder of Liquid Crypto-Money, says: “Traditionally when there are political or economic uncertainty in a country, people usually invest in gold as a safe-haven. However, as Bitcoin is now an alternative and a new-class asset, that stores value over time like gold but is a liquid as fiat currency, more people are opening to this new trend. And as digital currencies are becoming stronger in mainstream market as they are not affected by and political or economic issues, more people are looking for alternatives to ensure that they are safer in turmoil times.”
Decentralised currencies are not owned by any government. Bitcoin is the world’s first decentralised digital currency, which is also rated the highest currency in the world for the fourth consecutive year outperforming all worldwide currencies.
“The fact that a decentralised currency, has outperformed all major worldwide currencies shows us that there is an increasing number of people that are looking for alternatives and are losing confidence in our controlled systems. They also highlighting that there are currencies that can work independently as normal money that are independent from governments. More people should be open to learning and understanding digital currencies to weigh their own options, as another benefit is that decentralised currencies are designed to appreciate over time, oppose to how our normal fiat currencies that depreciate over time.” concludes Ramjoo.