The Free Market Foundation (FMF) this week launched its landmark report on Bitcoin adoption in South Africa. The report was revealed at a press briefing on Tuesday, 27 January.
The paper, entitled “State-Proof Money: The Case for Bitcoin Adoption in South Africa”, is authored by FMF CEO David Ansara and makes the case for individuals and companies to embrace Bitcoin as a strategic reserve asset and as a transactional currency.
The report’s publication comes ahead of the annual Adopting Bitcoin Conference to be held in Cape Town on Friday, 30 January, where Ansara will address entrepreneurs, investors, and civil society leaders from across Sub-Saharan Africa.
Particularly notable for the African audience is the utility of Bitcoin for “state-proofing”: a strategy for building resilient, voluntary systems outside of government control to mitigate hostile policy and state failure. This has been a running theme in the FMF’s Liberty First policy agenda.
The paper applies the state-proofing framework to money, arguing that Bitcoin adoption offers South Africans a powerful tool to reduce dependence on the rand and reclaim financial sovereignty.
Speaking at the online launch of the report, Ansara says:
“State-proofing is a mindset. By internalising the locus of control and accepting their fundamental capability to be agents of change, ordinary South Africans can solve many of the problems facing our country today. “
The paper identifies contemporary threats to sound money, including efforts to “nationalise” the South African Reserve Bank, the ever-present threat of inflation, as well as the risk of increased surveillance and government control over financial systems.
“Bitcoin is ‘freedom money’, and as an organisation that cares about promoting and defending freedom, we see great promise in Bitcoin. Its immutability and decentralised structure make Bitcoin ideal as a store of value and a hedge against monetary debasement. We’re excited to see more South Africans using Bitcoin to state-proof themselves,” concludes Ansara.
Click here to read the full report.
Click here to watch the briefing
