BITCOIN, the original cryptocurrency, is forking for a second time and Pietermaritzburg forex trader Lunga Sibaya believes the new Bitcoin Gold will become very popular, very fast.
Sibaya, who correctly predicted on this page during the first fork of Bitcoin into Bitcoin Cash, that both cryptocurrencies would dip before shooting through all known barriers, again said that now is the time to invest in the better known cryptocurrencies.
“Its early days, but cryptocurrencies is money that does not deflate, which is why it will continue to grow,” he said, adding that Zimbabwe offers the most recent case study of how more people prefer to trust in this new digital value store, “rather than the government’s fiat currency”.
While traders were still celebrating that Bitcoin had broken through the $5 000 (R70 350) barrier at the end of October, in Zimbabwe, demand for the coin saw the price rocket to close to $10 000.
“In Zimbabwe, many shops, including some car dealers, are accepting Bitcoin as payment, but in most countries, people still cash up into a fiat currency.”
Sibaya is part of group of 20-something investors who call themselves “Isigodlo”, and who present free courses on cryptocurrencies and forex.
“We show people the ropes, and if they need more consulting, we charge a low flat rate. The important thing we tell everyone is just like the traditional stock markets, you should be in it for the long haul, like with any other investment.
“This is a new lifestyle being shaped by all the users, not a flash in the pan.”
• Isigodlo can be contacted for free presentations in Pietermairtzburg on cryptocurrencies at 081 796 8015.
