You can't fault people for turning up their nose at bitcoin when it was worth $0.06 back in 2010. However, anyone who had forgone buying the cryptocurrency in December 2016, when it was around $800, was probably kicking themselves when bitcoin reached a high of almost $19,200 (about R229,000) in December last year. The price has since retreated to $9,000, as concerns about the coin's safety rattle investors, but there are still people who are interested in getting in on the bitcoin wave, or exploring other cryptocurrencies. For South African investors looking to buy bitcoin or any other cryptocurrency through traditional service providers that are regulated, this may be a while yet. None of the registered financial services providers that are regulated by the Financial Services Board and Reserve Bank offer cryptocurrencies on their trading and investment platforms. The Reserve Bank has said it is looking into regulating cryptocurrencies, but there is no timeline for this. In the mea...

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 exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.