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