BITCOIN came within a whisker of R1 million on Wednesday, returning to levels last seen in November 2021 and within shooting distance of its all-time high of R1.06 million.
That’s the story in rands. In US dollars bitcoin (BTC) traded on Wednesday at $51 500, roughly 21% off its all-time high above $65 000, which it touched in November 2021. The difference is one of currency depreciation.
“The difference is indicative of the rand’s devaluation against the US dollar over the last five years, and adds legitimacy to the argument by many that bitcoin serves as a store of value,” says Christo de Wit, Luno’s country manager for South Africa. – moneyweb.co.za