2024 was a strong year for South Africa’s cryptocurrency market, heightened by significant growth and milestones.
Bitcoin Breaks $100,000
Driven by global events like the U.S. president-elect Donald Trump’s crypto-friendly campaign, Bitcoin hit $100,000 (R1.7 million) in November. Bitcoin also surpassed a $2 trillion market cap, prompting predictions that it could one day exceed gold’s value.
Regulatory Clarity
South Africa’s Financial Sector Conduct Authority (FSCA) granted licenses to several Crypto Asset Service Providers (CASPs), offering much-needed regulatory certainty. Memecoins Rise Coins like Dogecoin and Shiba Inu saw massive price increases in 2024, fueled by celebrity support.
Expert Insights
Farzam Ehsani (VALR CEO); With Bitcoin’s rise to $100,000 being a major highlight, Ehsani predicts Bitcoin could eventually reach $900,000 per coin as its market cap grows to rival gold’s.
Christo de Wit (Luno); De Wit highlighted the approval of Bitcoin ETFs, making crypto more accessible to large investors, believing that 2025 could see further growth if interest continues.
David Porter (AltCoinTrader); Porter expects a bullish market in 2025, driven by Bitcoin’s supply shortage. He is hopeful that Trump’s pro-crypto policies will bolster Bitcoin’s price.
Luc Varejes (Ovex); Varejes posits Bitcoin’s price will reach $150,000–$200,000 by the end of 2025, with increasing adoption and regulation.
Looking Ahead Experts are optimistic about 2025, expecting continued growth in Bitcoin and the wider crypto market. However, they caution that crypto is volatile, and investors should always conduct thorough research before investing.
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