South African companies are converting cash into Bitcoin

English Apr 9, 2021

Local sources in South Africa suggest that some private companies in the country are converting a portion of their cash into bitcoin to protect themselves against currency devaluation. A movement similar to that of Microstrategy.

Among the companies is LSD Open, a company specialized in open source software that acquired $ 134,000 in bitcoins, paying an average price of just over $ 34,200 per unit of the cryptocurrency.

LSD Open CEO Stefan Lesicnik stated that bitcoin's attributes are aligned with his company's philosophy.

Our vision is to make the world more open, and bitcoin supports our philosophy of how we believe the world works better.

More and more often we find news about companies that have bought bitcoin, either by hedge or speculation. We can only infer that a very small portion becomes news. It wouldn't be a surprise if, at the end of the semester, when companies release their balance sheets, a high number of companies shows solid positions in bitcoins and other cryptocurrencies.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.