Bitcoin, the original and biggest cryptocurrency, topped R2-million for the first time on Monday, just 11 months after it breached the R1-million mark.
At the time of writing on 20 January, bitcoin was changing hands at R2.04-million apiece. It breached the R2-million mark, based on a direct dollar/rand conversion, shortly after 6am SAST on Monday after flirting with that level on Sunday.
The price South African crypto buyers pay for bitcoin varies slightly, depending on the exchange being used.
The new bitcoin/rand record comes after bitcoin jumped to an all-time high in dollar terms on Monday in anticipation of the inauguration of Donald Trump as US president. Trump has promised to reduce regulation on the crypto industry.
Topping the R2-million mark comes just 11 months after bitcoin breached the R1-million mark (albeit not for the first time – it briefly touched that level in 2021 before retreating). Bitcoin first topped the R1.5-million level just two months ago.
Softer US inflation data and the prospect of multiple US rate cuts have recently boosted risk assets, including bitcoin, which hit a record high on Monday of $109 071.86.
Trump has promised to be the “crypto president” and is expected to issue executive orders aimed at promoting widespread adoption of digital assets.
‘Sell the news’
Some analysts now fear delays in the US administration implementing measures could trigger a “sell the news” reaction, potentially disrupting the positive momentum.
Investors’ attention is firmly fixed on the policies Trump will enact on his first day in office. At a rally on Sunday, Trump said he would impose severe limits on immigration.
Read: Trump plans to designate crypto as a US national priority
Goldman Sachs strategists expect US policy changes to support dollar strength but cautioned about near-term risks due to the market’s expectations for swift action on tariffs.
Meanwhile, Trump’s newly-created cryptocurrency soared on Monday to nearly $12-billion in market value, drawing in billions in trading volume.
Launched on Friday, Trump’s meme coin, also known as $TRUMP, surged to $58.56 at 10.20am SAST on Monday, giving it a market capitalisaton of about $11.7-billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. Its 24-hour trading volume reached $52.5-billion.
Trump had on Friday launched the digital token with branding including an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial. His wife, Melania Trump, launched her own cryptocurrency on Sunday, which was trading at around $12.03, with a market cap of $1.9-billion, at 10.20am SAST, according to CoinMarketCap.
Even cryptocurrency community participants were surprised by the launch of Trump’s memecoin.
“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” said Justin D’Anethan, an independent crypto analyst based in Hong Kong.
Read: Major crypto player Tether is moving to El Salvador
While the coin represented a blending of the world of decentralised finance into the political arena, it also “blurs the lines between governance, profit and influence”, D’Anethan said. “Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That’s a question regulators are unlikely to ignore.” – © 2025 NewsCentral Media, with additional reporting © 2025 Reuters
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