We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Bitcoin is growing in popularity among hobbyists and IT geeks who trade the currency in SA‚ with one local expert estimating 100‚000 people trade the crypto currency. The internet currency is traded on two exchanges in SA: Luno and Ice3X. Bitcoin’s value has increased a thousand fold since 2011‚ so that a person who bought $1‚000 of bitcoin then, would now be a dollar millionaire. Ice3X bitcoin exchange founder Gareth Grobler says the bitcoin market in SA is still "tiny" compared with Asia but guesses about 100‚000 people could be trading it. Tech analyst Simon Dingle says: "Luno and other local exchanges are seeing an influx of new users given the recent rise in the price of bitcoin. It is certainly becoming more popular all over the world and SA is no exception." Luno marketing officer Werner van Rooyen says bitcoin is becoming more mainstream in SA. "We see it in many ways‚ not just from our internal metrics — including new customers‚ active users‚ application downloads‚ trading ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.