Bitcoin is on the rise again, but consumers need to be vigilant of imposters
Bitcoin has made a comeback and recovered some of the losses it incurred since the bubble of 2017 burst. And while bitcoin remains risky, this brief dream of spring has revived the crypto community’s worst instincts. Unsavoury marketing practices still abound, and SA consumers might be more exposed than they think. Depending on how you look at it, bitcoin seems to be making a comeback. Since the beginning of 2019, which was the trough of the latest bear market, the price of the volatile crypto asset has roughly doubled, giving crypto enthusiasts some of those autumn 2017 goosebumps.
However, if you take the performance over the past year, things look more bleak. A mere 2% increase year on year makes bitcoin about as profitable as simply leaving your money in a cheque account. The big difference is that bitcoin is one of the most volatile assets in the world, while your money sits perfectly safe in a traditional bank account...
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