Four young scientists, accompanied by Eskom Expo’s Business Manager, Mmamoloko Rancia Riba, won their place to represent the country at the Indonesia competition, renowned…
Unveiling the Crypto Chronicles: What 2024 Holds for the Digital Frontier
Bitcoin’s Roar into 2024
As we ushered in the new year, Bitcoin seized the spotlight, soaring to a 21-month peak. The real game-changer, however, was the groundbreaking approval of spot exchange traded funds (ETFs) for Bitcoin by Luno, South Africa’s largest crypto investment app.
Christo de Wit, Luno’s SA Country Manager, hints at the crypto milestones ahead. While acknowledging that past performance doesn’t dictate future outcomes, all eyes are on the anticipated Bitcoin halving in April 2024. This event historically triggers significant price movements, shaping the market by curtailing Bitcoin rewards to miners and reducing the supply of new coins.
Altcoins Unleashed
Venturing beyond Bitcoin, the altcoin market, led by contenders like Solana (SOL) and Ethereum (ETH), is on a trajectory to surpass $2 trillion. Ethereum’s imminent upgrade promises reduced transaction fees and improved scalability, while expectations of SEC’s approval for altcoin-based ETFs add fuel to the altcoin rally post-Bitcoin ETF approval.
Crypto Regulation in South Africa
South Africa takes a groundbreaking step as crypto is formally declared a financial product. Luno’s application as a financial service provider, submitted promptly in 2023, marks a shift towards mainstream financial services. This regulation not only boosts consumer protection but allows formal advice on crypto investments, a leap from the unregulated investment landscape. In sub-Saharan Africa, crypto investments, notably in Nigeria, are predominantly retail-driven. The licensing of crypto asset service providers promises increased institutional interest, fostering accessibility through licensed financial service providers.
US Elections and Crypto Ramifications
The outcome of the US elections in November 2024 holds potential ramifications for the crypto industry. A crypto-friendly administration might usher in regulatory frameworks, providing clarity and legitimacy. Political figures openly supporting crypto hint at a positive approach to the digital currency sphere.
The AI Influence on Crypto
As AI continues its omnipresence, it’s set to make waves in the crypto waters. From AI-driven chatbots to automated trading bots, the symbiosis between AI and crypto as programmable money is on the horizon, promising innovative applications.
Tokenization: A Game-Changer
Tokenization, a trend that gained momentum in 2023, is set to revolutionize various industries. From real estate to music royalties, the ability to tokenize assets on a blockchain offers a new dimension to investments. JP Morgan’s foray into tokenized assets sets the stage for further growth, providing instant transfers and transactions of assets.
Maturing Crypto Industry
As the crypto industry matures, de Wit concludes by highlighting its early phase and the continuous emergence of use cases. The year 2024 promises to be a canvas where crypto, in its innovative glory, continues to reshape the traditional financial system.
