What’s next for Bitcoin after hitting R1.3m?

Jubilation has returned to the cryptocurrency market as bitcoin hit R1.3 million in South Africa and $70 000 elsewhere in the world.

What’s different this time, says Jon Ovadia, CEO of crypto company OVEX, is the arrival of significant institutional flows now that exchange-traded funds have arrived. “The BTC market is now flush with liquidity, which is good for market makers. What’s most significant about this is that adoption has moved from the fringes to the centre of the financial world, and demonstrates the growing acceptance of bitcoin as a legitimate and attractive asset class for traditional investors.”

“Bitcoin is now 15 years old so it has proven its durability as the world’s best performing asset over that period of time,” adds Ovadia. “There will be profit-taking as the bull market progresses, and we can expect more volatility. It’s never a smooth ride, as history teaches us that there will be resistance on the way up, and increased volatility.”OVEX’s over-the-counter desk offers clients the ability to acquire large volumes of cryptocurrencies with a single click and without price slippage.

It has a Category 1 licence from the Financial Sector Conduct Authority in SA and is authorised by the South African Reserve Bank to facilitate international payments. It is also licensed in Dubai, France and Australia and is applying for licences in several other jurisdictions, including a Crypto Asset Service Provider licence in SA.

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