Южноафриканская компания внедряет биткоин для поддержки малого бизнеса в условиях инфляции Translation: South African company implements Bitcoin to support small businesses amid inflation

The pioneering cryptocurrency aims to tackle fundamental challenges faced by the African continent, such as currency devaluation and inflation. This belief is held by the leaders of the local firm Africa Bitcoin Corporation (ABC), which has announced plans to raise $210 million for establishing a Bitcoin reserve.

Previously known as Altvest Capital, the South African company became the first on the continent to incorporate digital gold into its reserves back in February. In September, it underwent a rebranding and fully adopted a Bitcoin treasury strategy, as detailed in a press release.

Currently, publicly traded companies are managing 964,475 BTC valued at over $110 billion. The largest holder is Strategy of Michael Saylor, which began acquiring cryptocurrency in 2020.

In an interview with Cointelegraph, Chairman Stafford Maizey and ABC CEO Warren Wheatley highlighted that their enterprise initially focused on assisting entrepreneurs and small businesses in raising capital via the Johannesburg Stock Exchange.

Wheatley explained that their mission is to overcome the «dysfunction» of global capital markets, where small players face limitations in accessing investments. He noted that transitioning to forming a Bitcoin reserve is a natural evolution.

The executive described Bitcoin as an «ideal alternative asset» capable of strengthening the firm’s balance sheet.

Maizey added that through digital gold, ABC could enhance support for small businesses in South Africa by offering new financial products, such as lending.

«We are not confined solely to the concept of a Bitcoin reserve. Our operational business has significant potential, and cryptocurrency is becoming a key competitive advantage for its realization,» stressed the company’s chairman.

According to Maizey, in developed regions of Europe and America, people view the foremost cryptocurrency as an alternative investment asset. In developing nations, digital gold holds immense value as a medium of exchange and a means of preserving wealth.

«In Africa, when financial services fail, lives are at risk. We live in this reality, so we approach Bitcoin from the standpoint of genuine human necessity and survival issues,» he stated.

The ABC executive further mentioned that problems like corruption and political instability stem from monetary dysfunction.

«Society isn’t broken — the money is broken. Rising food prices reflect the weakness of the currency, not the economy,» Maizey declared.

So far, the company has raised 11 million rand ($633,000). In the initial phase, it aims to gather a total of $11 million.

It’s worth noting that in August, the total amount of Bitcoin reserves accumulated by companies reached a record 840,000 BTC, according to analysts from CryptoQuant. However, the volume of purchases and transactions has dipped to annual lows.