- Private companies in South Africa are increasing investment in cryptocurrencies, as evidenced by company LSD Open.
Although the names of companies such as Tesla and Microstrategy are currently the most mentioned in connection with Bitcoin, many other private companies are already converting cash into cryptocurrencies, especially in South Africa.
The Board of Directors of LSD Open decided to take this step at the beginning of the year and used funds from the company’s reserve capital for the purchase.
The company first invested the first R1-million and over the next two weeks another R1-million for an average price of R510,000 / Bitcoin which is about $ 34,400.
LSD Open founder and CEO Stefan Lesicnik, who believes in Bitcoin as a store of value, also commented on the investment.
I personally believe in bitcoin as a store of value over all politically centralised currencies, and we’ve seen various international companies like MicroStrategy and Tesla making similar investments, expressing their trust in bitcoin, or concern for fiat. The answer to many of the problems in our current systems will be solved by blockchains and DAOs (decentralised autonomous organisations), and it’s such a privilege to be part of this evolution,
The investment in Bitcoin by this South African company LSD Open has already appreciated by + 68% at the time of writing.