Latest news with #Bitcoins
Business Insider
7 hours ago
- Business
- Business Insider
South Africans spending $1.4m Crypto a year on everyday shopping
To the vast majority of users, cryptocurrency is seen as an investment or trading vehicle. Bitcoin is popular for its potential long-term gains, while smaller coins are commonly used by speculators looking to make sizeable gains from lesser-known cryptocurrencies. However, cryptocurrency wasn't set up as a form of investment. It was designed to operate as a means of transferring value. Its first official use was to buy pizzas, and this was in closer keeping with Bitcoin founder Satoshi Nakamoto's vision. Cryptocurrency Popularity Cryptocurrency has become popular as a store of value, as well as an investment. It is also becoming increasingly popular as a method of paying for goods and services, although only really in some restricted jurisdictions. But, it has become popular for online payments and in the iGaming and sports betting world. Cryptocurrency can be used to facilitate fast payout sportsbooks online, thanks to rapid transaction times. According to online gambling expert Brett Curtis, payments can be completed within a matter of minutes, sometimes instantly, rather than several business days, which is how long it takes with some traditional payment methods like credit cards. South African Crypto Usage While it has not become a mainstream form of payment in any country, some areas do find considerable use for cryptocurrency as a payment method. In South Africa, it has been reported that residents have spent an average of $112,000 a month since November 2024 on groceries and other everyday items. Satoshi's Vision Bitcoin was launched in 2009 by Satoshi Nakamoto. In Bitcoin's 2008 whitepaper, Satoshi described Bitcoin as 'a purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.' In the same year as its launch, the first Bitcoin exchange rate was offered, and in 2010, Satoshi saw his dream of a decentralized payment method realized when software developer Laszlo Hanyecz bought two Papa John's pizzas for 10,000 Bitcoins. At the time, that equated to around $41. At today's exchange rate, the pizzas cost $600m each. Bitcoin enthusiasts now celebrate Bitcoin Pizza Day on May 22 to mark the occasion. However, while Satoshi envisioned a world in which users would be able to send Bitcoin easily to one another and spend cryptocurrency in shops and at other businesses, it took some time for organizations to work out how best to deal with incoming Bitcoin. Early Crypto Challenges Cryptocurrency has unique requirements for vendors and businesses, and this was especially true in the technology's early days. Whereas payment gateways exist now that will convert crypto payments to local currencies before depositing them into the business's account, this hasn't always been the case. Originally, retailers needed crypto wallets and would have to accept payments the same as any individual accepting a Bitcoin transfer from another party. In 2014, however, online retailer Overstock started accepting Bitcoin payments. In January of that year, it accepted Bitcoin payments from US customers, and in September, it rolled the service out to its customers around the globe. At the time, Overstock founder and CEO Patrick Byrne said: 'As long as you can get on the internet, you can order and pay in bitcoin. You can order in North Korea if you want – as long as you're having things delivered to, say, Singapore.' NewEgg and TigerDirect also started accepting Bitcoin payments in the same year, and companies around the globe started to follow suit. The Potential To Serve Unbanked Citizens Bitcoin has long been heralded as having the potential to serve the approximately 1.5 billion unbanked citizens of the world. Unbanked citizens are people with no basic banking services, which can make it impossible to even receive a monthly salary, and can make it difficult to pay for anything from groceries to utility bills and rent. It is estimated that around 23.5% of South Africa's population is unbanked, with many more underbanked, meaning they have severely limited banking functionality. This means around 12 million South Africans do not have access to what many people consider basic financial services. This high ratio of unbanked citizens is one possible reason why South Africa has seen a significant uptick in the number of people using cryptocurrency and the total revenue of crypto purchases. Luno Pay In South Africa Crypto payment platform, Luno Pay, launched a retail payment tool in November 2024 and has said that users have spent a combined $1.1m in cryptocurrency since then. Payments have been used to buy flights, furniture, food, and many other items and services. The company also reported last year that 31,000 retailers in the country accepted cryptocurrency, and this figure has likely risen in the 8 months since the announcement. It's worth noting that while Luno Pay is the most significant crypto payment platform in South Africa, other crypto payment options do exist. Therefore, the figure has been estimated at around $1.4m, which will include direct wallet-to-wallet payments as well as the use of other platforms, and even exchanges. When it comes to exchanges, South Africa's most popular has a recognizable look. Binance and Coinbase lead the way, with the likes of eToro, Kraken, and Gemini also featuring high on the list. South Africa's Crypto Usage It is estimated that nearly 10% of South Africans have or hold some cryptocurrency, which is higher than 7% of the global population estimate. These figures continue to increase, especially as BTC prices continue to rise and as countries and banks around the world wrestle with regulatory frameworks. The SARB And CBDCs The South African Reserve Bank (SARB) has initiated its own investigation into Central Bank Digital Currencies, for example. CBDCs are digital currencies that bear some similarities to cryptocurrencies. They operate on blockchain networks and are spent, sent, and received similarly to the likes of Bitcoin. But where cryptocurrency is decentralized, CBDCs are digital equivalents to local currencies, and they still have the backing and administrative support of central banks. The SARB has not definitively indicated its intention to launch a CBDC, but it is likely to follow other countries that launch their own digital currencies. The Implications on The Crypto Market As South Africa and the rest of the African market continue to increase their crypto spending, it naturally means an increase in crypto acquisitions. This means more money will flow into the cryptocurrency market, not only causing likely price increases for the likes of Bitcoin but also ensuring greater liquidity and even price stability for the market as a whole.
The Market Online
3 days ago
- Business
- The Market Online
A new Bitcoin stock with high-conviction management
Since its founding in 2009, Bitcoin has surpassed a market capitalization of C$3.2 trillion, according to Coin Market Cap, attracting more than 400 million users worldwide thanks to its monumental returns – over 27,000 per cent since 2016 – as well as softening regulation and a growing role as a reserve asset and portfolio diversifier uncorrelated with both stocks and fiat currency. This content has been prepared as part of a partnership with Bitcoin Treasury Corp., and is intended for informational purposes only. That said, cryptocurrency remains a nascent asset class subject to wide swings, with numerous bull and bear markets having increased investors' heart rates over the past decade, and more likely to come as use-cases experience the normal cycle of creation and destruction every new technology must endure before becoming a permanent feature of human life. Crypto's risk of high volatility is why investors interested in the space are best served by gathering experts in their corner, allocating into management teams whose pedigrees speak for themselves when it comes to harnessing innovation into stakeholder value. A new stock worth evaluating under this thesis is Bitcoin Treasury (TSXV:BTCT), market capitalization C$89.7 million, a Canadian provider of institutional-grade Bitcoin services, including lending, liquidity and collateral, in conjunction with a treasury mandate that has accumulated 771.37 Bitcoins to date following a C$70 million purchase announced on June 27. The company's management team, composed of crypto industry veterans, brings a wealth of experience with strategic decision making aligned with value creation that goes a long way towards de-risking a retail investment. Let's meet them now: Elliot Johnson, Bitcoin Treasury's chief executive officer and chief compliance officer, previously served as chief investment officer and chief operating officer at Evolve, where he helped the asset manager launch some of Canada's first crypto investment vehicles, including a spot Bitcoin ETF (EBIT) and Ether ETF (ETHR), gaining a thorough understanding of how to build the infrastructure behind physically settled crypto products. Prior to Evolve, Johnson was senior vice president (VP) of retail markets at Fiera Capital, a top Canadian firm with more than C$100 billion under management, preceded by a technology management leader for numerous business lines at National Bank of Canada. Kaitlin Thompson, chief operating officer, currently serves as VP of product strategy at Evolve, which manages nearly C$300 million across six crypto ETFs. Her expertise spans product development and research for both traditional and digital assets. Thompson built her career over numerous years at Mackenzie Investments, where she progressed from the company's Business Management Rotational Program into a business development manager role overseeing advisors across the country. Heather Sim, chief financial officer (CFO), is a Chartered Professional Accountant with public company experience in Canada and the United States focused on crypto and traditional financial compliance. Sim has been president of Treewalk, an accounting solutions provider, since 2019, CFO of DMG Blockchain Solutions (TSXV:DMGI), an end-to-end blockchain technology developer, since 2021, and held the role of CFO at software company VSBLTY Groupe Technologies (CSE:VSBY) from 2020 to 2021. Finally, Keith Crone, chief marketing officer (CMO), has built a more than 25-year track record in investing sales and marketing, currently serving as CMO of Evolve. Career highlights include tenures as VP of retail markets at Fiera Capital, VP and partner of Propel Capital – which raised approximately C$1 billion in structured products within five years of operation – and senior VP of sales at JovFunds, the specialty investment arm under Jovian Capital, a financial holding company catering to the private wealth management market. Protected by a management team well-versed in monetizing crypto market demand, the Bitcoin stock offers a strong qualitative green flag towards a potential investment, earning considerable conviction in what the company is capable of delivering on in the quantitative category as service offerings hit the market and the growing treasury purifies its exposure to its target asset. To this end, Bitcoin Treasury has filed a preliminary short-form base-shelf prospectus in Canada that would allow it to distribute up to C$300 million in any combination of common shares, preferred shares, debt securities, subscription receipts and warrants over a 25-month period, granting it flexibility to respond to market volatility from a position of strength. See Johnson's interview with Stockhouse's Lyndsay Malchuk for further context. With the stock currently trading at a market capitalization well below the more than C$124 million its treasury would fetch on the open market, and Bitcoin's analyst consensus trending higher over the near-term and long-term – thanks to U.S. government enthusiasm, de-dollarization across the rest of the world, not to forget crypto's legitimate use-cases beyond the capabilities of traditional finance – it feels like a propitious time to open a risk-adjusted position in Bitcoin Treasury and build it as a greater allocation is earned through positive news flow, taking advantage of any dips along the way, allowing the company's highly-customized management team to deploy capital in line with shareholder value. Thanks for reading! I'll see you next week for a new edition of Weekly Market Movers, where I delve into companies that sat down with Stockhouse for an interview over the past week. Here's the most recent article, in case you missed it. Join the discussion: Find out what everybody's saying about this Bitcoin stock on the Bitcoin Treasury Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
Yahoo
3 days ago
- Business
- Yahoo
Prediction: Bitcoin Creator Satoshi Nakamoto Will Be Worth More Than Warren Buffett by the End of Summer
Key Points The Bitcoin holdings of Satoshi Nakamoto are now valued at $134 billion. Deliberately or not, Nakamoto has demonstrated the immense power of a long-term buy-and-hold strategy for Bitcoin. If the price of Bitcoin hits $130,000 this year, Nakamoto will surpass Warren Buffett in wealth. 10 stocks we like better than Bitcoin › Move over Warren Buffett, here comes Satoshi Nakamoto, the creator of Bitcoin (CRYPTO: BTC). With Bitcoin recently hitting a new all-time high of $123,000, Nakamoto's Bitcoin holdings are now worth $134 billion. By way of comparison, Buffett's net worth is now estimated at $142 billion, according to Forbes. So all it really takes is Bitcoin hitting a price of $130,000 or so, and Nakamoto will be worth more than Buffett. Given Bitcoin's recent price momentum, Nakamoto could surpass Buffett by the end of summer. That would have important implications for what it means to be a crypto investor. Who is Satoshi Nakamoto? The really fascinating part about all this is that nobody knows the real identity of Satoshi Nakamoto. This has been the subject of endless speculation, most recently in the form of a 2024 HBO documentary (Money Electric: The Bitcoin Mystery) that promised to unveil Nakamoto's true identity. It never did. We only know the blockchain wallet where Nakamoto holds 1.1 million Bitcoins. Since the Bitcoin blockchain is transparent and can be inspected at any time, we know that these Bitcoins have not moved since 2010. Moreover, the world has not publicly heard from Nakamoto since 2011, so we don't even know if he's still alive. That's not to say that Nakamoto's Bitcoin wallet won't one day emerge from its dormant state. Maybe he will decide to sell at some point. Just last month, the crypto world was buzzing about a Bitcoin wallet that suddenly "woke up" after 14 years and moved 80,000 Bitcoins worth $8.6 billion. The ultimate buy-and-hold strategy? If you think about it, Satoshi Nakamoto's approach represents the ultimate buy-and-hold investment strategy. Nakamoto mined Bitcoin, stashed it on his laptop, and never touched it again. He had so much trust in the cryptocurrency's long-term potential, that he decided to buy and hold for the long haul. And, now, 16 years later, he's worth nearly as much as legendary investor Warren Buffett. Quite frankly, this wasn't supposed to happen. For much of its history, Bitcoin has been known as a risky, volatile, and highly speculative cryptocurrency. It was exactly the type of asset that seemed to be perfect for short-term trading but not long-term investing. Big-time institutional investors largely shunned it because Bitcoin was simply too risky. But look at what has happened to Bitcoin now. In the minds of many investors, it has become digital gold. It preserves its value wonderfully, even amid volatile market uncertainty. We're seeing this right now, as many institutional investors buy Bitcoin as a response to tariff uncertainty and potential macroeconomic weakness within the U.S. Warren Buffett vs. Bitcoin It's important to point out that Warren Buffett is no fan of Bitcoin. He has called it "rat poison squared." He has firmly avowed that he has never owned any Bitcoin and never will. Again and again, he has said that Bitcoin has no tangible value and that it's basically worthless. In 2022, he said that he wouldn't pay $25 for "all the Bitcoin in the world." Will his thinking change once Satoshi Nakamoto is worth more than him? Or will the timeless wisdom of the beloved "Oracle of Omaha" prove true in the end? From my perspective, it's becoming increasingly difficult to make the case against Bitcoin. Year after year, Bitcoin has been the top-performing asset in the world. As a result, some of the biggest Bitcoin skeptics have now become some of the biggest Bitcoin bulls. Wall Street has bought into Bitcoin. Main Street has bought into Bitcoin. And even the White House has bought into Bitcoin. The consensus right now is that a fully diversified portfolio should have at least a 1% allocation to Bitcoin. I expect that percentage to rise over time. Some asset managers are already boosting the suggested allocation to 2%. And some financial advisors are now suggesting that investors can safely boost that number to 10% or even higher. A paradigm shift for Bitcoin All of this leads me to think that Bitcoin really is in the midst of a major paradigm shift. The world is changing how it thinks about crypto. Governments now view Bitcoin as a strategic asset. Institutional investors now view Bitcoin as part of their long game. And retail investors are speculating less and investing more. Satoshi Nakamoto is leading the way, and by the end of summer, I fully expect him to pass Warren Buffett as one of the richest individuals in the world. Should you buy stock in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,281!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,050,415!* Now, it's worth noting Stock Advisor's total average return is 1,058% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. Prediction: Bitcoin Creator Satoshi Nakamoto Will Be Worth More Than Warren Buffett by the End of Summer was originally published by The Motley Fool
Economic Times
5 days ago
- Business
- Economic Times
Bitcoin bet makes microcap stock double money in 3 months, hits upper circuit for 13th day
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Jetking Infotrain , a little-known Mumbai-based microcap firm, extended their gravity-defying rally on Thursday, rising 2% to hit the upper circuit for the 13th time this month. With Thursday's move, the stock has soared 135.7% in just over three months, driven almost entirely by a bold treasury pivot into shares were trading at a fresh 52-week high of Rs 235.40 on Thursday, more than doubling from Rs 99.89 on April 11. The year-to-date gain now stands at 104.2%, while the 12-month return is an eye-popping 309.4%, catapulting the company's market capitalisation to Rs 139.06 the heart of this rally is the company's high-conviction bet on Bitcoin, which has itself rallied more than 42% since April. On Thursday, Bitcoin was trading at $118,631.29. Jetking holds 21 Bitcoins on its books, now valued at around Rs 21.40 crore—equivalent to over 15% of its market first signaled its shift towards digital assets late last year when it adopted Bitcoin as its primary treasury reserve asset. In a country where listed firms typically avoid cryptocurrency exposure, Jetking's move stood this year, the company raised Rs 6.10 crore through a preferential allotment of 3.96 lakh shares at Rs 154 each. While it did not disclose the identity of the investors, Jetking confirmed that it had deployed the entire proceeds—along with a portion of its internal accruals—towards acquiring March 31, the company held 15.02 Bitcoins. That number rose to 21 by May 28, purchased at an average price of Rs 64.65 lakh apiece. The current value of these holdings has ballooned thanks to Bitcoin's sharp rally, now representing a sizeable chunk of Jetking's overall market company's core business—IT hardware training—has seen only modest growth. For the March 2025 quarter, Jetking reported net sales of Rs 5.4 crore, up from Rs 4.4 crore a year earlier. However, the bottom line remains in the red, with a net loss of Rs 1.3 crore, compared to a Rs 0.6 crore loss in March these fundamentals, the stock has become a trader favourite, often moving in daily circuits. Throughout May and into July, Jetking's shares have mostly hit 2% upper circuits, with only a handful of sessions seeing any Bitcoin strategy evokes comparisons with U.S. tech firms like Tesla, which have famously diversified into crypto. But in India's tightly regulated, crypto-wary environment, such a move remains highly unusual—especially for a company of Jetking's leveraging its balance sheet to gain exposure to Bitcoin, Jetking has delivered outsized returns to its investors, even as its core business remains modest. Whether this rally sustains will now depend as much on crypto market sentiment as on company read | MobiKwik shares down 61% from peak, charts hint at upside till Rs 300. Should you buy?
Time of India
5 days ago
- Business
- Time of India
Bitcoin bet makes microcap stock double money in 3 months, hits upper circuit for 13th day
Shares of Jetking Infotrain , a little-known Mumbai-based microcap firm, extended their gravity-defying rally on Thursday, rising 2% to hit the upper circuit for the 13th time this month. With Thursday's move, the stock has soared 135.7% in just over three months, driven almost entirely by a bold treasury pivot into Bitcoin. Jetking's shares were trading at a fresh 52-week high of Rs 235.40 on Thursday, more than doubling from Rs 99.89 on April 11. The year-to-date gain now stands at 104.2%, while the 12-month return is an eye-popping 309.4%, catapulting the company's market capitalisation to Rs 139.06 crore. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Data Science Data Analytics Digital Marketing Healthcare others Degree Management Finance MCA Technology Others Project Management Public Policy Product Management CXO Data Science Cybersecurity MBA Leadership Operations Management healthcare Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details At the heart of this rally is the company's high-conviction bet on Bitcoin, which has itself rallied more than 42% since April. On Thursday, Bitcoin was trading at $118,631.29. Jetking holds 21 Bitcoins on its books, now valued at around Rs 21.40 crore—equivalent to over 15% of its market cap. A crypto pivot in a cautious market Jetking first signaled its shift towards digital assets late last year when it adopted Bitcoin as its primary treasury reserve asset. In a country where listed firms typically avoid cryptocurrency exposure, Jetking's move stood out. Earlier this year, the company raised Rs 6.10 crore through a preferential allotment of 3.96 lakh shares at Rs 154 each. While it did not disclose the identity of the investors, Jetking confirmed that it had deployed the entire proceeds—along with a portion of its internal accruals—towards acquiring Bitcoin. By March 31, the company held 15.02 Bitcoins. That number rose to 21 by May 28, purchased at an average price of Rs 64.65 lakh apiece. The current value of these holdings has ballooned thanks to Bitcoin's sharp rally, now representing a sizeable chunk of Jetking's overall market capitalisation. Fundamentals take a back seat The company's core business—IT hardware training—has seen only modest growth. For the March 2025 quarter, Jetking reported net sales of Rs 5.4 crore, up from Rs 4.4 crore a year earlier. However, the bottom line remains in the red, with a net loss of Rs 1.3 crore, compared to a Rs 0.6 crore loss in March 2024. Despite these fundamentals, the stock has become a trader favourite, often moving in daily circuits. Throughout May and into July, Jetking's shares have mostly hit 2% upper circuits, with only a handful of sessions seeing any downside. A Tesla-style treasury play Jetking's Bitcoin strategy evokes comparisons with U.S. tech firms like Tesla, which have famously diversified into crypto. But in India's tightly regulated, crypto-wary environment, such a move remains highly unusual—especially for a company of Jetking's size. By leveraging its balance sheet to gain exposure to Bitcoin, Jetking has delivered outsized returns to its investors, even as its core business remains modest. Whether this rally sustains will now depend as much on crypto market sentiment as on company fundamentals. Also read | MobiKwik shares down 61% from peak, charts hint at upside till Rs 300. Should you buy?
