Bitcoin, the worlds first cryptocurrency, is booming all around the world. The currency has grown over 18000%, since its conception in 2010. Crytocurrency has open the doors to many people becoming millionaires, and even billionaires, all around the world. Bitcoin is a decentralised currency, meaning there is no one party that controls the currency. Since Bitcoin there has been many currencies that came into conception, Ethreum, Ripple and Dogecoin, to name a few. Cryptocurrencies have been a good invested idea since its conception, as seen many people making money.
In the week of September 24, something big happened in the world of crpyto currency. China has decided to ban all crypto-currencies from their country. China has decided to make all transactions of cryto-currencies illegal inside of the country. This was to roll out there new digital national currency. Their goal is to root out all illegal activity, and rumored to have roll out their new national digital currency. This could have huge effects on the South Africa Forex industry. Since the boom of Bitcoin in 2018, many South Africans have started investing thousands of their well well earned money into Bitcoin. Many businesses now offer Bitcoin has a form of payment in South Africa. One thing that should be noted is that many cryptocurrency brokers and platforms have been doing aggressive marketing in South Africa, in order to entice more investors. Due to China banning all cryptocurrencies, Bitcoin will definitely take a huge dip. This will leave many South Africans with less or no faith in the cryptocurrency industry. I think many South Africans will pull their money from Bitcoin, forcing the currency to dip even more. This is especially because South Africa and China are trade partners.
In the coming months many South Africans will lose faith in this investment and will start pulling their money from the market. This is mainly because too many South Africans do not know about Cryptocurrency, and do not understand dips and recoveries. It is imperative that more Cryptocurrency education should be rolled out in coming months to aid in investment and helping the price rise to a more nominal level.