Mzwanele Manyi called Bitcoin unstoppable and also urged the government to consider investing in the top Cryptocurrency, “Bitcoin”.
Mzwanele Manyi is a famous politician in South Africa and also a former corporate executive popular for his dynamic career across various sectors. In 2023, Mzwanele joined the Economic Freedom Fighters (EFF) party. Currently, Mzwanele serves as the Chief Whip of the Leader of Opposition & also he is a Member of Parliament.
On 23 Dec 2024, Mzwanele Manyi took to X (formerly Twitter) to share his thoughts on Bitcoin amid the increasing hype around Bitcoin, as the trade price of Bitcoin has kept increasing for the last 1 year.Mzwanele said that Bitcoin is coming in full force & is going to devalue Gold & Silver, like top assets, significantly.Furthermore, the famous political leader said that Bitcoin is an unstoppable bus, so we (the country) need to climb on this bus to hedge the country’s inevitable debasing of gold reserves.
According to Mzwanele, if the country adopts & invests in Bitcoin, the country will be able to offset debt easily within two years and further push industrialisation to the next level with the rest of the fund reserves.
Bitcoin is coming in full force. It will devalue gold. But it's unstoppable. We therefore need to climb on this bus to hedge our inevitable debasing of our gold reserves.With Bitcoin we can liquidate our country debt within 2yrs and have our own money to drive industrialisation. pic.twitter.com/oXvwPThLBm
— Mzwanele Manyi (@MzwaneleManyi) December 23, 2024
In a response tweet, Mzwanele also said that we need to focus on the current demand instead of negative things. He stated that currently, millennials and Gen Z are focused on investment in digital assets, not Gold & Silver. He took the example of the US presidential election in 2024, where Bitcoin surged by 30%, but Gold price plummeted by 5%.
Some critics claimed that South Africa can’t succeed with Bitcoin adoption because Africa is lagging in the Bitcoin investment race, as America-like countries are holding a very big bag of Bitcoin.
Hedging with #Bitcoin is like hedging with the #USD.It's redundant because #US Agencies are the largest holders of Bitcoin at sovereign government level.They have been confiscating Bitcoin for years.Hedging with a new #SouthAfrican crypto on a new #RSA blockchain and listed…
— Thamsanqa Bengu (@thamsanqabengu) December 23, 2024
All these discussions among the top South African leaders & entrepreneurs are giving a big hint that the proposed “Bitcoin Strategic Reserve Act” in the US is creating significant pressure on other countries to consider investing in Bitcoin.
Bitcoin Price Action
The current trade price of Bitcoin is $98,150 & this price level is 4% higher over the last 24 hours trading period.
The current trade price of #Bitcoin is $98.1k pic.twitter.com/YHpux2lgLA
— Bitcoinik (@Bitcoinikdotcom) December 25, 2024
Read also: Russia officially decides blanket ban on crypto mining operations
