Bitcoin's "stability" around $104,000? Headlines are screaming that bitcoin is poised to rally back to all-time highs, analysts are drooling over bullish RSI indicators. Let's be brutally honest: who actually benefits from these pronouncements? The average commuter in Johannesburg, and the woman who can’t afford to feed her children, respectively, do not.

"Stability" A Luxury Few Can Afford

Our friends in the crypto-sphere like to use words like “stability,” particularly following a 10% increase. For millions, real stability is having a sense of where your next meal is coming from, not worrying about whether Bitcoin drops under $100,000. We need to connect the dots: this so-called stability is a privilege enjoyed by those who can afford to speculate, while others are using Bitcoin for survival. What goes on when their sole lifeline turns into a freeway interchange?

I return to Thandi, a single mother that I interviewed in Soweto. Her family uses Bitcoin to receive remittances from her brother working in Dubai. These fees are much cheaper compared to administrative processes, a key difference when every Rand matters. When Bitcoin swings up and down by 20% in a week, that so-called benefit disappears. One unexpected expense can erase most of her modest earnings. Is that stability? Is that the financial revolution we promised?

Given the article’s focus on Ethereum, which has indeed soared 39% last week, that’s a particularly unfortunate timing. Great! What does this mean for the single mom whose remittance just decreased by 15%? She took on this challenge right before it shot up to historic highs again. Did she get to enjoy the 39%? Probably not.

Forgotten Voices Echo Loudest

We should be hearing more from people like Thandi, and much less from the crypto millionaires raving about their latest moonshot. These are the people who suffer the worst consequences from boom and bust cycles. They depend on crypto not as an asset, but as a lifeline.

Think about it: the unbanked, the underbanked, the people escaping hyperinflation in countries where their local currency is worthless. They’re not adopting crypto because it’s sexy, they’re being pushed to crypto by economic necessity. We, the broader crypto community, have a moral obligation to ensure that it doesn’t go on to become just another tool for exploitation.

This is where my political center-left leanings comes in. I’m all for innovation, but not at the cost of human dignity. We can’t hand wave new technology as the panacea while ignoring the underlying inequities that they have the potential to increase.

Local Impact: A Test Of Character

South Africa’s reality, like that of many developing nations, provides an interesting backdrop to the crypto adoption narrative. High mobile penetration, combined with a lack of faith in financial institutions, creates ripe conditions for digital currencies. This too makes it a petri dish for scams and exploitation.

The answer is education and regulation – responsible innovation that protects our most vulnerable users. Come on, let’s get real and cut through the hype! Instead, let’s do the hard work of creating a crypto ecosystem that serves all of us and not just early adopters and rich investors.

Take the small business owner in Cape Town who decided to begin accepting Bitcoin payments. When the cryptocurrency fell dramatically in value, they were suddenly at risk of being unable to pay their vendors. Fostering the other kind of market All this exuberance is great if you’re a potential billion-dollar startup.

  • Education: Free, accessible resources to help people understand the risks and opportunities of crypto.
  • Regulation: Clear, fair rules that protect consumers without stifling innovation.
  • Community: Building supportive networks where people can share information and learn from each other.

Unsurprisingly, the RSI is at 73, which would typically signify overbought conditions. Who cares? What they do care about is making sure crypto is used to empower—to enrich—not impoverish the people who need it most. That’s the real metric we should be looking at, not an arbitrary technical indicator.

Let’s cut out the conversation about “stability” in a vacuum and begin discussing its bearing on the real-world experience. Let's prioritize human stories over price charts. Let's make sure that the crypto revolution doesn't leave the most vulnerable behind. Because if that’s the case, it’s really not a revolution – it’s just a different kind of extraction. The other option is that we do care—and prove it by doing something about it.