Mzwanele Manyi called Bitcoin unstoppable and also urged the government to consider investing in the leading cryptocurrency, “Bitcoin.”
Mzwanele Manyi is a famous politician in South Africa and also a former corporate executive popular for his dynamic career in various sectors. In 2023, Mzwanele joined the Economic Freedom Fighters (EFF) party. Mzwanele currently serves as Leader of the Opposition Leader and is also a Member of Parliament.
On December 23, 2024, Mzwanele Manyi took to
Mzwanele said Bitcoin is coming in full force and will significantly devalue gold and silver, as major assets.
Furthermore, the famous political leader said that Bitcoin is an unstoppable bus, so we (the country) must get on this bus to cover the inevitable degradation of the country’s gold reserves.
According to Mzwanele, if the country adopts and invests in Bitcoin, it will be able to easily offset the debt in two years and further drive industrialization to the next level with the rest of the fund’s reserves.
In a response tweet, Mzwanele also said that we should focus on the current demand rather than the negative things. He stated that currently, millennials and Generation Z are focused on investing in digital assets, not gold and silver. He took the example of the US presidential election in 2024, where Bitcoin rose by 30%, but the price of gold plummeted by 5%.
Some critics claimed that South Africa cannot succeed with Bitcoin adoption because Africa is lagging behind in the Bitcoin investment race as countries like the United States have a very large Bitcoin pool.
All these discussions between top South African leaders and businessmen are giving a big indication that the proposed “Bitcoin Strategic Reserve Act” in the US is creating significant pressure on other countries to consider investing in Bitcoin.
Bitcoin price action
The current trading price of Bitcoin is $98,150 and this price level is 4% higher over the last 24-hour trading period.
Also read: Russia officially decides on a total ban on crypto mining operations
