South African leader wanted Bitcoin and believed it will pay their debt

[btc_angela]

https://x.com/MzwaneleManyi/status/1871159105848742196

If you are South African, you might be familiar with him, as a political figure. Although I'm not 100% agree with him about liquidating the debt thru Bitcoin, but still it's a good experiment as well for that country to make Bitcoin as national reserve and it seems to be the trend next year. And obviously, this is the effect of Trump 2.0 in the US.

[ranochigo]

Bitcoin did not devalue Bitcoin and the prices of Gold is still on the rise.

Just for reference, the national debt of South Africa is in the hundreds of billions, more than 200 billion. His argument is solely on the grounds that Bitcoin will always rise in the future, which may or may not happen. I would think that reducing corruption within their country is a better way to solve their debt issues. If not, Bitcoin would just be an easier way to move money around their pockets.

[avikz]

It's good to see an increased interest around Bitcoin from every corner of the globe. Some are seeing it as an opportunity during unforeseen events and some are seeing it as a helping hand for strengthening their economy. No problem in that!

But with increasing intervention from government and the inflow of corporate government money into this, might affect the decentralized nature of Bitcoin in a big way. These entities can even get into mining if they want. Bitcoin should not become a puppet for the governments.

[Dave1]

Bitcoin did not devalue Bitcoin and the prices of Gold is still on the rise.

Just for reference, the national debt of South Africa is in the hundreds of billions, more than 200 billion. His argument is solely on the grounds that Bitcoin will always rise in the future, which may or may not happen. I would think that reducing corruption within their country is a better way to solve their debt issues. If not, Bitcoin would just be an easier way to move money around their pockets.

It's more than that, around $300-$400 billion debt by South Africa, so it's hard to see them paying it with Bitcoin unless they become the top holder of Bitcoin.

Even at the current rate, the top country is US and it's holding is around $20 billion. I would understand if they will hold some just like El Salvador or Bhutan and not sell for the next couple of halving to realized a good profit.

So it's absurd to say that it will pay their debt, buy we welcome any country that see Bitcoin as national reserved next to Gold.

[kotajikikox]

I do not know who he is but he seems very determined to have bitcoin. He seems to me like those newcomers to bitcoin who are very motivated and passionate to invest in bitcoin because they believe they could make some promising future and don’t get me wrong, they can and they will but does he know what will come in 4 years? Bitcoin will not be hitting new ATHs in 2 years and that is what he should know. He should be careful with what he claims on the internet as a public figure and someone with political power.

[Ambatman]

Bitcoin isn't really an instrument to save a country from its debt though it can help with it.
There are other policies and actions that needs to be taken by the government for pronounced impact.
Bitcoin doesn't devalue anything
Gold is still on the rise and would continue in the near future as long as inflation persist
Fiat devalues itself (by the government to be specific).

Bitcoin will not be hitting new ATHs in 2 years and that is what he should know.

Sorry ,it would Next Year. Manyi is Member of the National Assembly of South Africa.

[betswift]

Bitcoin isn't really an instrument to save a country from its debt though it can help with it.
There are other policies and actions that needs to be taken by the government for pronounced impact.
Bitcoin doesn't devalue anything
Gold is still on the rise and would continue in the near future as long as inflation persist
Fiat devalues itself (by the government to be specific).

Bitcoin will not be hitting new ATHs in 2 years and that is what he should know.

Sorry ,it would Next Year. Manyi is Member of the National Assembly of South Africa.

Bitcoin can do so little to help in some spheres the guy mentioned, but most of all - every other cog in the machine should work properly to get rid of such a big debt.
I agree with you - most of the solution of this problem would be out of Bitcoin policies.

[davis196]

The national debt of South Africa is around 300 billion dollars. How can South Africa liquidate it's national debt for 2 years by adopting Bitcoin?
This guy doesn't know what he is talking about. I don't think that Bitcoin devalues gold. They are both deflationary financial assets, but have different market caps and different stages of global adoption. Gold cannot be devalued. I don't know how this guy imagines Bitcoin driving the industrialization of South Africa. For the process of industrialization, the country would need engineers, skilled workforce and good infrastructure. Bitcoin cannot bring you such resources, unless you want to buy them and import them.

[Frankolala]

Gold is gold and bitcoin is bitcoin. Both asset is bound to rise in value overtime due to inflation. Bitcoin is not a debt payer but an hedge to inflation and investing in it gives you hope in the future. I don't know how much bitcoin South Africa can accumulate that will help them clear their debt, because I don't think it's possible. Bitcoin price hit 100k and many who were ignorant of it, are now interested in it.

[john_egbert]

Gold is gold and bitcoin is bitcoin. Both asset is bound to rise in value overtime due to inflation. Bitcoin is not a debt payer but an hedge to inflation and investing in it gives you hope in the future. I don't know how much bitcoin South Africa can accumulate that will help them clear their debt, because I don't think it's possible. Bitcoin price hit 100k and many who were ignorant of it, are now interested in it.

The bigger the price - the higher Bitcoin rises in the eyes of many higher-ups around the world.
Imagine what will happen when it reaches 500k or more.

[Eternad]

This is a risky venture despite I have high confidence on Bitcoin. Doing this will give a potential outcome to double or quadruple their debts once the price went south while they needed already to pay their debts.

We are talking about country debts here which I believe should be paid through the country income not by investing on volatile assets. They should focus more on attracting business that will generate profit instead of taking more risk with their debts once the line.

[hero_the_bossman]

This is a risky venture despite I have high confidence on Bitcoin. Doing this will give a potential outcome to double or quadruple their debts once the price went south while they needed already to pay their debts.

We are talking about country debts here which I believe should be paid through the country income not by investing on volatile assets. They should focus more on attracting business that will generate profit instead of taking more risk with their debts once the line.

I do think about this too - the policies should be the main lever to fight off the problem, not Bitcoin.
Alas - it's still a welcomed development that someone high enough thinks about such a use-case for his country.
But I do think it's more of a flashy news than a constructive one.

[knowngunman]

If you are South African, you might be familiar with him, as a political figure. Although I'm not 100% agree with him about liquidating the debt thru Bitcoin, but still it's a good experiment as well for that country to make Bitcoin as national reserve and it seems to be the trend next year. And obviously, this is the effect of Trump 2.0 in the US.

And I hope you know the outcome of experiment is unknown, it can be positive or negative. Here we are discussing the entire country reserve and not an individual. A slight negative reaction will affect the entire citizens standard of living directly or indirectly. I support the idea of having some percentage of bitcoin as part of country's reserve but it's not entirely ideal to have Bitcoin as a national reserve due its fluctuating nature. That experiment should be conduct using other sector and not with nation's reserve which is a very sensitive to nation economy.

But why is the account not verified? I'm just wondering since you said he's a political figure.

[Apocollapse]

I would think that reducing corruption within their country is a better way to solve their debt issues. If not, Bitcoin would just be an easier way to move money around their pockets.

True, but it will not gonna happen, except there's a big revolution.

The highest leader in those countries are mafias, not president.

The national debt of South Africa is around 300 billion dollars. How can South Africa liquidate it's national debt for 2 years by adopting Bitcoin?

They need to spend at least $150 Billion if we speculate Bitcoin will double it's price in the next year 2 years.

But, South Africa don't have such huge amount of money, they own 125 tons of gold, which only worth around $10 Billion, so it's really not make sense that guy hope Bitcoin will pay off the country's debt in just two years.

[FortuneFollower]

If you are South African, you might be familiar with him, as a political figure. Although I'm not 100% agree with him about liquidating the debt thru Bitcoin, but still it's a good experiment as well for that country to make Bitcoin as national reserve and it seems to be the trend next year. And obviously, this is the effect of Trump 2.0 in the US.

And I hope you know the outcome of experiment is unknown, it can be positive or negative. Here we are discussing the entire country reserve and not an individual. A slight negative reaction will affect the entire citizens standard of living directly or indirectly. I support the idea of having some percentage of bitcoin as part of country's reserve but it's not entirely ideal to have Bitcoin as a national reserve due its fluctuating nature. That experiment should be conduct using other sector and not with nation's reserve which is a very sensitive to nation economy.

-snip-

That's why they shouldn't play with fire and hope for Bitcoin to fix all the problems with the debt - but I do hope there are people that've read their books and know their stuff, not putting too much on the reserves that would fluctuate like currently during the Bull especially.

[Alphakilo]

Mzwanele Manyi is a type of voice that we need to bring about a change in their through bitcoin adoption.

He is a strong political voice in South Africa and has been in the government since the time of Jacob Zuma, the one-time president. He has also moved motions for several economic reforms in the country. Therefore, he is the one that can make this change. He is in government, he has followers, they can start a bitcoin movement driven by economic policies, and it will gain traction and attention.

This is not going to happen in a day but this is a good start.

[TravelMug]

Mzwanele Manyi is a type of voice that we need to bring about a change in their through bitcoin adoption.

He is a strong political voice in South Africa and has been in the government since the time of Jacob Zuma, the one-time president. He has also moved motions for several economic reforms in the country. Therefore, he is the one that can make this change. He is in government, he has followers, they can start a bitcoin movement driven by economic policies, and it will gain traction and attention.

This is not going to happen in a day but this is a good start.

Question though, is he in the majority or minority group? I'm asking because if he is in the opposition, then it means that they don't have control of the parliament or the congress. So it's going to be very hard to passed this law if ever he will spear head this one.

Of course, this is going to be closer to adoption and it will bring significant impact in the price. But I'm seeing that he could have face difficulty in South Africa and the current government might think otherwise and disagree with him.

[hero_the_bossman]

Mzwanele Manyi is a type of voice that we need to bring about a change in their through bitcoin adoption.

He is a strong political voice in South Africa and has been in the government since the time of Jacob Zuma, the one-time president. He has also moved motions for several economic reforms in the country. Therefore, he is the one that can make this change. He is in government, he has followers, they can start a bitcoin movement driven by economic policies, and it will gain traction and attention.

This is not going to happen in a day but this is a good start.

Question though, is he in the majority or minority group? I'm asking because if he is in the opposition, then it means that they don't have control of the parliament or the congress. So it's going to be very hard to passed this law if ever he will spear head this one.

Of course, this is going to be closer to adoption and it will bring significant impact in the price. But I'm seeing that he could have face difficulty in South Africa and the current government might think otherwise and disagree with him.

He is in a party of uMkhonto weSizwe, as I understood it - the third one by the seats in the high places.
Thus, maybe something will spring out of the ideas presented eventually.
He is in the minority, I do think we can say that.

[Ndabagi01]

If you are South African, you might be familiar with him, as a political figure. Although I'm not 100% agree with him about liquidating the debt thru Bitcoin, but still it's a good experiment as well for that country to make Bitcoin as national reserve and it seems to be the trend next year. And obviously, this is the effect of Trump 2.0 in the US.

The main purpose of bitcoin have been mistook and everyone is now seeing it as a way out of poverty. It can be actually but in the real sense, a very volatile asset like bitcoin should not be mainly dependent on the intuition of exiting poverty. It can be used as a medium against inflation and that has been argued and agreed on in the past.

If you want to reduce poverty in a nation, there are other ways you can do that mainly to reduce corruption to the minimum. Bitcoin can always suffix in, but shouldn’t be the main core of eradicating poverty in the nation. It was invented to serve as an alternative to fiat currencies and not a core edge against poverty.

[john_egbert]

The main purpose of bitcoin have been mistook and everyone is now seeing it as a way out of poverty. It can be actually but in the real sense, a very volatile asset like bitcoin should not be mainly dependent on the intuition of exiting poverty. It can be used as a medium against inflation and that has been argued and agreed on in the past.

If you want to reduce poverty in a nation, there are other ways you can do that mainly to reduce corruption to the minimum. Bitcoin can always suffix in, but shouldn’t be the main core of eradicating poverty in the nation. It was invented to serve as an alternative to fiat currencies and not a core edge against poverty.

Yep, Bitcoin recently became that one thing to get people rolling and roll their eyes into because big figures start talking about it, either about the reserves of it or about something else.
Whereas in reality - BTC can help very little with big problems, they should be fixed by different means.