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South African Firms Are Converting Their Cash Holdings to BTC

  • South African private firms are now changing their cash holdings into Bitcoin.
  • The country’s private firms are doing this to hedge against currency devaluation.

Private companies in South Africa have started converting part of their cash holdings into Bitcoin (BTC) . However, they claim to do this to be able to hedge against currency devaluation.

Based on a report, an open-source software specialist, LSD Open, has recently acquired more than $134,000 worth of BTC. Due to this, many believe that LSD Open could be the first company to convert its cash holdings into BTC.

About the LSD Open BTC acquisition, the firm bought BTC in two different transactions at an average price of $34,200 per BTC. Best of all, due to the purchase, the firm’s Bitcoins have increased overwhelmingly to over 70%.

As per the report, Bitfund exchange massively supported the LSD Open’s BCT acquisition.

Talking about Bitcoin, LSD Open CEO Stefan Lesicnik reportedly expressed his view on BTC in relation to his company.

He said,

Our vision is to make the world more open, and Bitcoin supports our philosophy on how we believe the world works best.

In addition, Lesicnik said that operating in an open-source manner heavily attracts lots more crypto advocates in the crypto space. Furthermore, he disclosed that LSD Open is in a “broad spectrum of the ecosystem”. These include running and maintaining BTC full nodes.

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Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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