Bitcoin hits record highs in African currencies

Bitcoin’s all-time high is in sight after the cryptocurrency surpassed $61,000 on Wednesday. However, in many African currencies’ terms, the world’s largest cryptocurrency is already trading at record highs.

The flagship crypto rose as high as $61,023.44 on Coindesk, roughly 11% off its November 2021 record of $68,982.20. The latest rally was sparked by the disclosure on Monday that crypto investing and software firm MicroStrategy had bought about 3,000 bitcoins for $155 million.

MicroStrategy, based in Virginia, in the U.S., is currently the largest publicly traded owner of Bitcoin. CNBC.com says the company reported holding about 190,000 of the cryptocurrency tokens earlier this month, which would be worth over $10.5 billion at current prices.

But with many African currencies trading at some of their weakest levels against the dollar because of high U.S. interest rates and an unfavorable global environment, bitcoin prices in local currency terms have been boosted to all-time highs.

Record-breaking highs:

South African Rand (ZAR): 1 bitcoin is now worth R1,185,530 surpassing the previous record of 1 million ZAR set in 2023.
Kenyan Shilling (KES): Bitcoin skyrocketed to KES 8,972,000, shattering the previous high of 4.5 million KES set in 2021.
Nigerian Naira (NGN): The value of 1 bitcoin reached 96,086,600 NGN, surpassing the previous record of 26 million NGN set in 2021.
Ghanaian Cedi (GHS): Bitcoin hit a new high of 764,866 GHS, eclipsing the previous record of 400,000 GHS set in 2021.
Rwandan Franc (RWF): Bitcoin reached a record high of 79,463,490 RWF, dwarfing the previous record of 3 million RWF set in 2022.

How much a $1,000 investment in Bitcoin would be worth

For those who invested in Bitcoin as early as 2015, the current surge presents a remarkable return on investment. Consider someone who invested USD 1,000 in Bitcoin in 2015, when the price was around $250. Today, that investment would be worth:

  • South Africa: 4,679,000 ZAR
  • Kenya: 35,624,000 KES
  • Nigeria: 384,056,000 NGN
  • Ghana: 3,059,000 GHS
  • Rwanda: 316,468,000 RWF

This is at a time when 7 out of the 10 worst-performing currencies in 2023 are in the African continent.

Before investing, do your due diligence

It’s important to remember that the cryptocurrency market is highly volatile, and past performance is not indicative of future results. Investing in Bitcoin carries inherent risks, and individuals should conduct thorough research before making any investment decisions.

Source: cnbcafrica.com

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