Crypto, when approached responsibly, offers South Africans another way to think about their financial future, according to Hannes Wessels, GM of Binance South Africa. (Photo: Unsplash / Kanchanara) 
South Africans love a good interest rate cut, but it’s less good if you’re a saver watching your bank balance grow. The alternative? Smart money would turn to the usual suspects: property, stocks, maybe even that retirement annuity… and bitcoin sounds cool, right?
I’ve noticed that the bitcoin conversation around the braai is now less about decentralisation and freedom from central banks and more of a deeper contemplation of asset management strategies and growing wealth.
Hannes Wessels, the general manager of Binance South Africa, is obviously trying to lead the discussion (because he runs an exchange). His sage words: “Crypto, when approached responsibly and with a focus on safety, offers South Africans another way to think about their financial future.”
And let’s be clear: he’s not talking about betting your grocery money. The old adage remains: only ever invest what you can afford to lose.
July is Savings Month and it offers a rare moment to zoom out and ask: how do I make my money work harder? For some, it might mean putting a small slice into bitcoin – not as a replacement for your pension fund, but as an extra element in the financial mix.
Read more: To crypto or not to crypto — a personal finance perspective
Bitcoin’s volatility can look a lot like the stock market’s roller-coaster moments, just with more loops and fewer safety rails.
Over the long term, though, it could offer a potential upside that can offset some of the slow bleed from inflation and underperforming cash.
Of course, this isn’t a call to drop your life savings into bitcoin.
“Economic shifts like [the interest rate cut at the end of May] tend to fade into the background. But they shouldn’t. They offer rare moments to pause, reflect and take action,” Wessels says.
And that’s the point. Lower interest rates aren’t just bad news for savers; they’re a nudge to rethink how we build financial resilience. DM
This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R35.
