• Thu. Apr 18th, 2024

First Individuals Now South African Companies Utilizing Reserves For Bitcoin Acquisition

Mar 30, 2021

South Africa’s individual investors are heavily investing in crypto. Utilizing wealth into Bitcoin has become a sport in South Africa, however, now South African companies to are joining crypto investment sport. More and more individuals as well as institutions are intending to turn their wealth and reserves into Bitcoin investment. LSD Open is going to be the first South African company to bring Bitcoins into the company’s treasury.

A report has been published in the local news in South Africa suggesting that Bitcoin investment is a new sport in the country. It was pointed out that most of the individual investors are turning portions of their wealth into Bitcoin. They think that Bitcoin provides them a hedge against inflation and against the declining value of the native currency.

However, it was further pointed out that the sport has been joined by yet another prominent sector of South Africa i.e. institutional. It was reported that many entities have been found describing Bitcoin as a hedge against several odds. Prominently they are arguing that the third wave of a pandemic is on and soon their business will once again be adversely affected. As a counter-strategy, most of them have decided to use companies’ reserves for the acquisition of Bitcoins.

The first company which is going to bring Bitcoin into its treasury is told to be one LSD Open.

LSD Open is a software company which is owned by a prominent business family in South Africa.

LSD Open has informed that it has utilized some reserve funds of the company and bought Bitcoins on two occasions. At first, the company purchased Bitcoins when the value was US$ 34,200. The second transaction was done a few days delay but the value of Bitcoin was almost similar to that of the company’s earlier transaction. However, the company has not completely disclosed how much it had injected and how many Bitcoins are in its treasury.

The important thing to note is that LSD Open’s Bitcoin holding has since then increased sevenfold. The amount of US$ 34,200 paid by the company against one Bitcoin has now gone past US$ 59,000. Interestingly against each Bitcoin, LSD Open is entitled to claim a profit of US$ 15,000 approximately.

The South African crypto trading platform whose services were utilized by LSD Open for acquiring Bitcoins was Bitfund.

At the occasion, CEO Stefan Lesicnik of LSD Open commented that the Bitcoin investment completely aligned with the future strategy of LSD Open. He informed me that the mission of his company is to bring the entire world to one platform. He explained that because LSD Open believes in globalization therefore Bitcoin suited its aims and objectives. It said that Bitcoin to is a global asset and soon it will become part of the mainstream financial system of the world.

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