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Daily Maverick
6 days ago
- Business
- Daily Maverick
Bitcoin nears R2m as crypto goes mainstream — but don't get too excited just yet
In case you missed it last week, bitcoin hit almost R2m. This wasn't just another crypto bro celebration moment either — it goes deeper. Bitcoin's breakthrough last week to past $111,000 (R1,966,480 for those keeping track) has been hailed as a genuine turning point for digital assets, coming at a time when traditional tech stocks were having what can only be described as a tantrum. 'Bitcoin hitting a new all-time high above $111,000 marks a major milestone for the crypto industry,' said Hannes Wessels, the general manager of Binance South Africa. 'It reflects growing global confidence in digital assets, driven by strong institutional demand and regulatory progress.' Translation for the rest of us: Big money is finally taking crypto seriously, and governments are starting to figure out how to regulate it without completely breaking it. When trading goes nuclear The bitcoin surge wasn't happening in isolation. On 19 May, crypto wallet platforms recorded the kind of trading volumes that would make the JSE weep with envy. Binance Wallet alone hit over $5-billion in daily trading — that's roughly R88-billion changing hands in a single day on one platform. To put it in perspective, that's more than the entire market capitalisation of Shoprite, and it happened in 24 hours on a platform most South Africans probably haven't heard of. This trading frenzy suggests something fundamental is shifting in how people interact with cryptocurrencies. Gone are the days when crypto was just about buying bitcoin and hoping for the best. Users are becoming more sophisticated, seeking out early opportunities and engaging with what the tech crowd calls 'Web3' — think of it as the internet's awkward teenage phase, where everything becomes decentralised and confusing. The early bird gets the (digital) worm Much of this activity revolves around platforms that let users get in on cryptocurrency projects before they hit the big exchanges. These early-access platforms have become incredibly popular by offering exclusive token generation events and airdrops. Since December 2024, Binance Alpha has featured 18 tokens that eventually got listed on major exchanges — a 43% success rate that would make any venture capitalist jealous. Here's where it gets interesting for regular investors: participants in these early events bought tokens at prices averaging eight times lower than their opening day values. That's the kind of return that makes property investment look like a savings account. But — and this is a big but — this is also where things get properly risky. Don't fall for the Fomo trap Before you start liquidating your unit trust to chase crypto dreams, let's talk reality. Getting early access to cryptocurrency projects is like being invited to a high-stakes poker game where half the players are card sharks and the other half are algorithms. Yes, the potential returns are eye-watering. But so are the risks: Regulatory roulette: Governments worldwide are still figuring out how to handle crypto. Rules can change overnight, potentially making your investment illegal or inaccessible. Hacker heaven: Crypto platforms are magnets for cybercriminals. When they succeed, your money disappears into the digital ether with zero chance of recovery. Volatility on steroids: Traditional shares can be volatile, but crypto makes the JSE look like a lazy Sunday afternoon. Prices can swing 50% in a day just because someone influential tweeted something. Liquidity nightmares: Sometimes you can't sell your tokens even if you want to, because there aren't enough buyers or the trading volumes are too low. Technical meltdowns: When platforms crash or have bugs, your investments can be stuck in digital limbo. When courts get crypto reality The legal system is slowly catching up with crypto reality, and the results are sobering for investors who think digital assets are a guaranteed path to riches. A recent UK Court of Appeal case involving Bitcoin SV investors provides a masterclass in crypto reality checks. These investors sued Binance and other exchanges for $13.4-billion (yes, billion), claiming that delisting their favourite token prevented it from becoming the next bitcoin. The court's response was, essentially, 'Nice try, but no.' The judges ruled that cryptocurrencies are 'by their nature, volatile investments' and should be treated like shares or other financial instruments. More importantly, they rejected the idea that investors could claim damages based on what their tokens might have been worth in some hypothetical future. As the court put it: 'It would be unthinkable for the holders of freely tradeable shares, whose value had been reduced by tortious conduct, to be able to claim more than the current value of those shares to compensate them for the prospect that their value might have substantially increased in the future.' This ruling could reshape how crypto disputes are handled globally, establishing that digital assets don't get special treatment just because they're digital. The regulatory maze Meanwhile, regulators worldwide are creating a patchwork of rules that would make a tax consultant weep. The European Union's new crypto regulations are so strict that Tether — the company behind the world's most popular stablecoin — simply refused to comply. This has led to major exchanges delisting USDT (a dollar-pegged cryptocurrency) for European users, creating a fragmented market where your access to certain digital assets depends entirely on your location. In Nigeria, tensions have escalated dramatically, with authorities seeking $79.5-billion from Binance in alleged damages, plus another $2-billion in back taxes. What this means for you For South African investors watching this unfold, the message is clear: crypto is maturing, but it's maturing into something complex and regulated, not the Wild West of easy money that early adopters experienced. The good news is that institutional money is flowing in, providing stability and legitimacy. The bad news is that with legitimacy comes regulation, compliance costs, and the kind of complexity that makes traditional investments look simple. Bitcoin's march toward R2-million represents genuine progress for digital assets, but it's progress that comes with grown-up responsibilities and grown-up risks. Keep it tidy The cryptocurrency market is undoubtedly entering a new phase of maturation, with unprecedented trading volumes, institutional adoption and regulatory clarity. But this maturation cuts both ways — while it brings legitimacy and stability, it also brings complexity and risk that many retail investors aren't prepared for. For South Africans considering crypto investments, the advice remains unchanged: only invest what you can afford to lose, understand the risks, and remember that past performance — even R2-million Bitcoin — is never a guarantee of future returns. DM
Yahoo
19-05-2025
- Business
- Yahoo
Banco do Brasil SA BB Brasil (BDORY) Q1 2025 Earnings Call Highlights: Strong Financial ...
Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Banco do Brasil SA BB Brasil (BDORY) achieved a net income of BRL 7.4 billion in the first quarter, reflecting a strong financial performance. The bank has successfully launched a new product, Pledge to dotrabalaur, which significantly increased payroll loan agreements, achieving BRL 3 billion in disbursements in a short period. Banco do Brasil SA BB Brasil (BDORY) has maintained a strong relationship with over 86 million clients, leveraging CRM and AI to enhance customer interactions and insights. The bank has invested significantly in technology, with a 30% increase in tech investments compared to the previous year, enhancing client experience and security. Banco do Brasil SA BB Brasil (BDORY) continues to lead in ESG initiatives, being recognized as the most sustainable bank globally for the sixth consecutive year. The bank faced increased delinquency in the agribusiness segment, which was worse than expected, impacting financial results. New accounting regulations, specifically Resolution 4,966, have led to increased provisioning and impacted net interest income. The rise in interest rates has increased funding expenses, affecting the bank's net interest margin. The bank's profitability was impacted by a significant increase in provisions, particularly in the rural portfolio, which doubled compared to the previous quarter. There is ongoing uncertainty regarding the impact of new accounting rules and the agribusiness segment's performance, leading to a revision of financial guidance. Q: What has caused the worsening in delinquency KPIs across various segments, and what level of provisions can be expected for the next quarters? A: Prince, Head of Risk Management, explained that the transition to new models under Resolution 4,966 has led to a spike in delinquency, particularly in the individual segment. The corporate segment, especially SMEs, also showed worse performance. The agribusiness segment is facing challenges due to a record crop season but with delayed payments. Provisions are expected to remain under pressure in the short term, especially until the end of the crop season. Q: How is Banco do Brasil balancing capital and dividends amid uncertainties with agribusiness and new regulations? A: Giovanni, CFO, stated that the bank is maintaining a 40% payout and is focused on controlling delinquency, especially in agribusiness. Despite challenges, the bank has managed to improve its common equity and does not foresee any difficulty in growing its assets. The bank aims to sustain growth and maintain its payout ratio. Q: Why is there uncertainty in the NII guidance, and is there any risk to loan growth given the current asset quality issues? A: Giovanni, CFO, explained that the uncertainty is mainly due to new provisions under the central bank's regulation. The impact on NII was expected, but the magnitude of provision charges was greater than anticipated. The bank is focused on curbing delinquency in the agribusiness book and growing loans, particularly in the individual segment, to offset the impact of increased benchmark rates. Q: Why did Banco do Brasil experience a greater impact from the new accounting changes compared to its peers? A: Giovanni, CFO, noted that the bank's significant exposure to the agribusiness sector, which is not as prevalent among its peers, led to a greater impact. The rural portfolio accounted for a substantial portion of the provision charges, which doubled compared to the previous quarter. Q: How is Banco do Brasil addressing the challenges in the agribusiness segment, particularly with the increase in court reorganizations? A: Giovanni, CFO, and Prince, Head of Risk Management, highlighted that the bank is actively working to renegotiate debts and improve collection processes. The bank is focusing on maintaining seniority in payment flows and leveraging its capacity to manage risks better than competitors. The bank is also engaging with regulators to address the specificities of the agribusiness portfolio under the new accounting rules. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
19-05-2025
- The Star
Dog survives arrows to head
A STRAY dog spotted with two arrow shafts in its head in Guangdong, China, sparked horror among animal lovers in the country, Sin Chew Daily reported. A resident of Panyu district in Guangzhou city, known only as Ai, saw the injured canine on May 11 outside a shop. One of the arrows had completely pierced through the dog's head while the other was lodged in the back of its head. Ai and his partner lured the dog into a cage and rushed it to a veterinary clinic for emergency treatment. The two arrows were successfully removed and the stray was reportedly in stable condition. The surgery and other medical expenses cost 3,300 yuan (RM1,966) and hundreds of Internet users started a crowdfunding group to help pay the bills and other expenses for the stray going forward. Doctors said it had a 3cm wound on its forehead and a 1cm wound at the back of its head. It was reported that police have launched an investigation into the incident. > Several pickleball courts being put up for sale in Malaysia between RM280,000 and RM650,000 led many to believe that its popularity is waning, China Press reported. A user on Xiaohongshu posted an advertisement placing a pickleball court for sale for RM650,000. He claimed that the shareholders had a fallout and wanted to let go of the business, adding that the court was situated at an 'attractive location'. In another advertisement, a different user was offering a pickleball court for sale, claiming that the shareholders had a fallout. (The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a >, it denotes a separate news item.)
Express Tribune
26-03-2025
- Business
- Express Tribune
Sindh revenue collection grows 37%
Sindh Chief Minister Syed Murad Ali Shah chaired a meeting to review the mid-year tax collection performance and found that against a target of Rs618,966 million, the provincial government agencies have recovered Rs312,000 million during the last eight months of 2024-25, indicating a 37 per cent growth compared to last year and achieving 50.41 per cent of the target. The meeting, held at the CM House, was attended by Minister Excise & Taxation Mukesh Kumar Chawla, PSCM Agha Wasif, SMBR Baqaullah Unar, Secretary Finance Fayaz Jatoi and Secretary Excise Saleem Rajput and others concerned. During the briefing, it was reported that the provincial tax collecting agencies have been assigned a target of Rs618,966 million for the 2024-25 fiscal year. The provincial government agencies were expected to collect Rs412,644 million during the eight months (July 2024 to Feb 2025); however, the actual collection was recorded at Rs312,000 million.
Zawya
21-03-2025
- Business
- Zawya
March pensions to be disbursed next Monday: UAE's GPSSA
ABU DHABI - This month's pension payments will be distributed on Monday, 24th March 2025, the General Pension and Social Security Authority (GPSSA) announced, aiming to provide ample time for families to prepare for Eid al-Fitr. The total value of pension payments disbursed for this month is AED819,423,724.66 with an evident increase of AED52,966,438 in comparison March of last year, during which the value of pensions disbursed amounted to AED766,457,286.56. A total number of 49,401 pensioners and beneficiaries will benefit from the disbursement of pensions this month, an increase of 1,461 customers in comparison to March 2024 during which 47,940 pensioners and beneficiaries benefited from the disbursement. Expenditures incurred include civilians subject to the laws implemented by the GPSSA, alongside beneficiaries whose files are managed by the Authority on behalf of the Ministry of Finance and in accordance with the pension laws by which they are subjected to. ES
