According to new news out of South Africa, privately owned businesses are exchanging a section of their cash reserves to bitcoin in order to protect themselves from currency depreciation. As per one survey, LSD Open, a South African open-source tech specialist company, could be the first to take the risk after allegedly purchasing $134,000 in bitcoin.

Philosophy of Bitcoin

According to a indigeous study, LSD Open made the buy in two different deals, paying an average of just over $34,200 per BTC. The valuation of LSD Open’s BTC shares had risen by nearly 70% in only “a couple of weeks” at the time of publication. In the meantime, Bitfund, a localized digital currency platform, supported LSD Open’s BTC acquisition, according to the study.

Concept. 3D render

LSD Open CEO Stefan Lesicnik is cited as describing how bitcoin’s features fit with his corporation’s philosophy. According to Lesicnik:

Our vision is to make the world more open, and bitcoin supports our philosophy on how we believe the world works best.

Working in the open-source space, according to the CEO, attracts many digital currency proponents who are drawn to the decentralized, open essence of digital currencies.  LSD Open is also interested in a broad scope of the network, namely operating and supporting bitcoin complete nodes, according to Lesicnik.

More firms are considering buying Bitcoin.

Meanwhile, Dean Joffe, co-creator of Bitfund, is quoted in the same article as saying that his company has helped seven or eight South African companies to purchase digital currencies – mostly bitcoin and stablecoins including USDC.  Joffe also mentions that his firm is in talks with two Johannesburg Stock Exchange-listed firms about implementing the same thing with them.

These firms, though, have not yet pushed the button on any digital currency acquisitions, according to the study.

LEAVE A REPLY

Please enter your comment!
Please enter your name here