JOHANNESBURG – The cryptocurrency market is booming.
Bitcoin had a market cap of a trillion dollars in February and even Elon Musk is investing.
Digital investment expert Sean Sanders said it harkens back to the days of investing in gold.
“It breaks apart the traditional financial system. Never in our history have we been able to send digital payment from one party to another,” Sanders said.
“Currently, I instruct my bank, that bank then makes a payment to your bank and that’s the way that payments work. Financiers are very good at putting middleman in this process to extract fees. Crypto completely circumvents that it’s a peer-to-peer network, there is no middlemen whatsoever, and that’s really the big appeal here.
“The other area with crypto, I think is really interesting, in particular with the likes of Bitcoin, is that you’ve got a fixed number of coins in circulation. There only are 21-million Bitcoin that will ever be in circulation, there’s currently only 18-million,” he said.
“When people allocating their wealth with crypto, just like they did in past with gold, that’s big investment opportunity.”