From getting licensed locally, to Bitcoin reaching new highs, crypto players in SA reveal their 2024 milestones and expectations for 2025.
2024 has largely been a profitable year for South Africa’s flourishing crypto-currency industry, which saw several milestones during the year.
This, after US president-elect Donald Trump made crypto an important element of his campaign strategy, pledging to create a “strategic Bitcoin reserve” and to position the US as the “crypto capital of the planet”. “As Bitcoin’s supply is pre-determined and is not influenced by demand, the only way for Bitcoin’s market cap to rise is due to price appreciation and market cap parity between Bitcoin and gold puts the price of Bitcoin at $899 000 per coin. But as we know, digital versions outpace their physical counterparts by orders of magnitude.”
“Memecoins claimed many headlines in the crypto landscape in 2024, with originals like Dogecoin more than tripling in price throughout the year – with help from support by influential people like Elon Musk. Spinoffs like Shiba Inu also saw substantial growth.” “This would be immense and vindicate the views of many Bitcoin enthusiasts that Bitcoin is akin to ‘digital gold’. With that being said, the market will likely, as in previous years, take its lead from Bitcoin before you start seeing the trickle-down effects into altcoins.”
“Additionally, with the new leadership in the US, we expect to see a favourable and collaborative stance on crypto-currency, which will lead to far greater regulatory certainty and widespread adoption. Currently, very few larger cap crypto-currencies have reached their all-time high and Bitcoin dominance remains near peak levels. As such, I expect to see Bitcoin dominance to fall and some larger altcoins to exhibit stronger performance in the short-term in line with previous historical trends.
De Wit adds that since Trump’s election, he has seemingly made good on his pledges by nominating pro-crypto figures to several key federal roles, fuelling optimism among crypto supporters.
Crypto Currency Luno Valr Altcointrader Ovex Altcoins ETF Crypto Asset Service Providers Farzam Ehsani David Porter Christo De Wit Donald Trump Dogecoin Luc Varejes Scot Bessent Paul Atkins Elon Musk
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