Altvest Capital Seeks $10m Worth BTC Reserves

South African crypto investments are rising year on year. After landing a huge network of exchanges to trade domestically, firms like Altvest are now planning to boost BTC reserves. A new era for RSA in crypto trading?  

South Africa-based Alvest Capital is planning to be the next whale for Bitcoin. The angel investors, headquartered in Johannesburg expressed interest in raising $10 million to increase their BTC reserves on Friday.  

In a Bloomberg interview, the spokesperson from Alvest confirmed the interest. Their CEO added they have made a major investment in Bitcoin already. Now, Alvest is willing to increase the Bitcoin reserve.  

In connection, Bitcoin saw massive growth in the last two days. The coin is up by 0.11% in the last 24 hours, marking a value of $98,500. At the same time, a lot of whales including hs expressed interest in the coin, in the last 48 hours.  

Growth of Alvest 

Alvest’s journey started in 2021. They are a reputed investment facilitator who can also manage assets through fractional ownership. From that angle, Bitcoin would be one of the most prestigious investments for them.  

Alvest will be the 17th major BTC investor, in this financial year if they get a green signal to make the deal. Once the deal is done, Wheatley proposed, Bitcoin will be a “hedge against economic volatility and currency depreciation.”  

The Altvst CEO revealed a risk analysis during his Bloomsberg interview today. According to his charts, all risks of investing in BTC are covered. He feels that investing in BTC in this bullish phase is the best for the company.  

A Road Ahead for RSA  

South Africa has been trying to become the African epicenter for crypto trading. So is Kenya. However, in April 2024, the South African crypto regulatory board allowed more than 7o coin providers to trade here. The list includes newbies like Luno and VALR too.  

However, what came as a shock is that global names like CoinBase and Binance are missing from the list. That raises several questions about the regulatory process of the South African Financial Sector Conduct Authority.