South African Debt Downgrade to Junk – Flight to Bitcoin?

The South African rand plunged more than 11% in the last 7 days, first rattled by a downgrade by Standard & Poors to junk status as well as the move by Moody’s to place South Africa – which it has two notches above junk – on downgrade review. The Rand lost over 1.5% in the last 12 hours, during which time these actions were taken. By 07:55 am South African time, it was trading at R13.88 to the US Dollar. The saga started with South African president, Jacob Zuma, sacking…

Read More

Is Bitcoin becoming a World Currency

On the 31 November 2008, just as we found ourselves part of a financial crisis that would impact the world negatively, a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto was uploaded onto a blogging site on the internet.  The paper detailed a way to use a peer to peer network to generate “a system for electronic transactions without relying on trust”.  And so, the Internet of Money was  born. Release of the first open source Bitcoin client was completed on 3 January 2009 and a few…

Read More