South Africa's Michael Saylor Emerges! Investment Firm Wants to Turn Bitcoin into a Reserve Asset!

South African investment firm Altvest Capital has announced its plans to become the first company in Africa to hold Bitcoin as a primary treasury reserve asset, following in the footsteps of the American technology firm Strategy.

South African Company Altvest to Accept Bitcoin as Treasury Reserve Asset

CEO Warren Wheatley said in an interview that Altvest has already purchased a Bitcoin and applied for regulatory approval to raise 200 million rand (10 million dollars) by issuing shares to increase their Bitcoin assets. However, a final decision has not yet been made on the capital increase.

Altvest adopts a strategy led by Michael Saylor, the co-founder of Strategy, who started accumulating Bitcoin in 2020.

Since then, Strategy's shares have increased by more than 2,400%, raising the company's market value to 82 billion dollars and Saylor's personal wealth to approximately 7 billion dollars.

Wheatley said, "We see Bitcoin as a strategic reserve asset that protects our treasury portfolio against economic instability and the depreciation of the South African rand."

Despite Bitcoin's increasing adoption among companies, critics warn that its volatility could destabilize corporate balance sheets.

However, Altvest stated that the board of directors conducted a risk assessment and found that Bitcoin is compatible with alternative asset investment strategy.

Altvest, the first African company to integrate Bitcoin into its treasury strategy, indicates the increasing corporate interest in digital assets on the continent.