South African capital markets firm Altvest Capital has made history by becoming the first publicly traded African company to adopt Bitcoin (BTC) as a treasury reserve asset. The move is part of a broader financial strategy aimed at strengthening the firm’s financial resilience and mitigating risks associated with currency depreciation.
Bitcoin-Only Approach Led by Stafford Masie
The decision to allocate part of Altvest’s reserves into Bitcoin was spearheaded by Stafford Masie, the company’s board chairman and a well-known Bitcoin advocate. A former Google South Africa executive, Masie has long championed the adoption of Bitcoin as a superior financial asset.
In a recent interview with Farzam Ehsani on the VALR podcast, Masie reaffirmed his position as a Bitcoin maximalist, rejecting all other blockchain projects.
“I don’t believe in blockchain projects. I love Bitcoin. I’m in Bitcoin and Bitcoin only. I’m a maxi,” Masie stated.
He argued that most altcoins and other blockchain innovations merely “murky the waters” and eventually revert back to Bitcoin’s decentralized and secure framework.
Pushing for a South African Strategic Bitcoin Reserve
Beyond Altvest’s corporate Bitcoin strategy, Masie has called for South Africa to establish a Strategic Bitcoin Reserve (SBR). He compared Bitcoin to gold, stating that its fixed supply, deflationary model, and superior stock-to-flow ratio make it an even stronger store of value than the precious metal.
Masie believes that if South Africa allocates a portion of its national reserves into Bitcoin, the country could reap significant long-term economic benefits. Additionally, he envisions utilizing South Africa’s unused energy resources to develop a Bitcoin mining hub in the country.
Bitcoin Adoption Gaining Traction in Africa
Altvest’s move reflects a growing trend of Bitcoin adoption across Africa, where countries and corporations are exploring crypto-based financial strategies to hedge against currency volatility and economic instability. With Masie at the forefront, Altvest’s Bitcoin initiative could set a precedent for other publicly traded firms in Africa to follow suit.