32 sats \ 3 replies \ @TheBTCManual 26 Oct \ on: Here's why bitcoin gives me hope bitcoin
I feel you on a spiritual level I'm in South Africa and the Rand is not doing anyone any favours, people are still so reliant on this flawed accounting system and refuse to take a deep look at the issue staring them right in the face, because the alternative is the perceived vol of bitcoin and a steep learning curve and at the end personal responsiblity
As a self employed person, I know its always been on me to perform and generating capital I now I only have so many hours I can monetise, and if I didnt have this superior asset all that work and delayed gratification I did would be worth less and less trending towards nothing
self-employed + the currency is a very hard combo, in my case at least my income is in pounds or dollars and i just need to worry about the wife's crumbling wealth.
how's the trust level of the gov over in SA at the moment? are people still using gold and traditional things as a wealth hedge?
reply
Trust in government from the average tax-payer is pretty low, but from the other side which are unemployed/students/tenderpreneurs still pretty high since they're just waiting for the next handout
I'd say gold and stuff like Kruggarrand aren't that popular anymore, people who actively invest are in offshore capital markets like FTSE or S&P500 through various wrapper products while some try to acquire and trade local stocks (currently simliar size to Bitcoins market cap 1.35 T USD) let's say that's around 20+%, we have our own versions of Robinhood that deal with local markets and give people access to some international products
I'd say 10% of people have some exposure to Bitcoin and shitcoins in some way shape or form but it's growing however, very little self-custody, mostly speculation and trying to turn themselves into a large tax liability via capital gains
The largest portion of people who are investing/saving are in some sort of passive vehicle through retirement annuities, preservation funds or some unit trust, REIT that was sold to them either via their company or some broker. They couldn't be arsed to know what's in it, just that they need to contribute to it
Then there's the majority sitting in cash getting rekt by inflation but avoid a lot of taxes in the grey economy so the trade-off works for them.
While a small portio continue to pump up the real estate market in Cape Town which is the only area that continues to see growth
reply
thanks for the insight, cash is shit, but if it offsets taxes then we can at least see some logic. turning the cash into non-kyc'd bitcoins is the next step for me
reply