REPORT | 4 South African Cities Among the 2024 Most Crypto Ready in the World

Global bank, Standard Chartered, anticipates that the price of Bitcoin (BTC) could approach nearly $200,000 by the end of 2025, thanks to the approval and success of Bitcoin exchange-traded funds (ETFs) in the United States.

Standard Chartered derived its price prediction from the premise that, by the conclusion of 2024, there will be between 437,000 and 1.32 million Bitcoins held in spot Bitcoin ETFs listed in the United States. The bank estimates that this scenario would lead to an influx of funds ranging between $50-100 billion.

“If ETF-related inflows materalize as we expect, we think an end-2025 level closer to USD 200,000 is possible,” said Standard Chartered Head of Digital Assets, Geoff Kendrick, and precious metals analyst, Suki Cooper, in a January 8 2024 report.

Standard Chartered posting some moon math! $200,000 coming pic.twitter.com/IQueMhjgiP

— Lark Davis (@TheCryptoLark) January 9, 2024

For the $200,000 prediction to materialize, Bitcoin would need to surge approximately 4.3 times from its current price of $47,000.

The executives at Standard Chartered highlighted that the 4.3 multiplier employed for the Bitcoin prediction aligns with the historical performance of gold exchange-traded products. Specifically, they noted that the value of gold ETPs multiplied by this factor around seven to eight years after their launch in November 2004.

“We expect Bitcoin to enjoy price gains of a similar magnitude as a result of U.S. spot ETF approval, but we see these gains materalising over a shorter (one to two-year) period, given our view that the BTC ETF market will develop more quickly.”

Kendrick and Cooper said that the approval of spot Bitcoin ETFs which finally took place on January 10 2024 is a ‘watershed moment’ in normalizing Bitcoin participation. Additionally, they emphasized that their recent Bitcoin price forecast of nearly $200,000 aligns with their earlier prediction of $100,000 for the end of 2024.

The team also noted that the next Bitcoin ‘halving,’  a mechanism to limit supply expected to take place in late April 2024 will be another source of price upside.

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As we step into 2024, the global crypto space is witnessing a transformative era, with certain cities taking center stage as pioneers in technology, regulation, and public enthusiasm for digital finance.

A recent study has scrutinized and ranked cities based on seven metrics, presenting a comprehensive view of their readiness for the cryptocurrency revolution.

Each city’s crypto readiness reflects a unique interplay of financial strength, regulatory frameworks, and technological landscapes.

REPORT | CRYPTO-READY CITIES OF 2024

* New York stands out as most crypto-ready city with a total score of 85.85/100 #NYC

* 1810 ATMs Los Angeles is the city with the most crypto ATMs in the world. #LA

* Cape-Town, Pretoria, Johannesburg, and Durban are the ONLY African… pic.twitter.com/VkmBPegYjs

— BitKE (@BitcoinKE) January 14, 2024

• New York leads the global crypto frontier with a score of 85.85/100, leveraging its status as a financial powerhouse and the regulatory support provided by the NYDFS.
• London follows closely behind at 84.15/100, with its supportive regulatory framework and thriving tech scene.
• Singapore emerges as Asia’s crypto leader with a robust score of 71.44/100, driven by a strategic blend of regulations and support for innovation from the Monetary Authority of Singapore (MAS).
• In contrast, Tokyo, despite its technological prowess, ranks as the least crypto-ready among the top 50 cities, scoring 52.84/100, due to cautious regulatory attitudes.

From Africa, there were 4 cities, all from South Africa.

Below are the cities with select performance metrics, and their position in brackets.

Cape Town (11)

Crypto Readiness Score: 60.45

• Crypto Ownership: Ranking 11th globally, Cape Town demonstrates a growing interest with a score of 47.36 in crypto ownership.
• Employment Opportunities: Abundant job opportunities in the crypto sector, scoring 88.21, contribute to Cape Town’s crypto-ready status.
• Crypto Events: Hosting a moderate number of crypto events (20.97), Cape Town balances innovation with a solid regulatory foundation (100.00).
• Legal Readiness: Cape Town’s ability to balance innovation with regulatory strength makes it a standout crypto-ready city.

Johannesburg (15)

Crypto Readiness Score: 57.83

• Crypto Ownership: Johannesburg, ranking 15th globally, boasts a strong crypto ownership score of 23.43, showcasing a vibrant community of crypto enthusiasts.
• Employment Opportunities: With a robust job market in the crypto sector (93.64), Johannesburg positions itself as a hub for crypto-related employment.
• Legal Framework: Johannesburg’s perfect score of 100.00 in the legal environment underscores its supportive regulatory landscape for cryptocurrencies.
• Business Acceptance: Despite moderate business acceptance (6.06), Johannesburg’s collective strengths position it as one of the most crypto-ready cities globally.

Pretoria (25)

Crypto Readiness Score: 56.58

• Crypto Ownership: Pretoria, positioned 25th globally, demonstrates a growing interest with a score of 52.15 in crypto ownership.
• Employment Opportunities: A robust job sector in crypto, scoring 80.37, contributes to Pretoria’s crypto-ready landscape.
• Legal Readiness: An impressive score of 100.00 in legal readiness underscores Pretoria’s supportive regulatory environment.
• Business Acceptance: With steady growth in business acceptance (6.06), Pretoria positions itself as a city with substantial potential.

Durban (43)

Crypto Readiness Score: 53.97

• • Crypto Ownership: Durban, positioned 43rd globally, is on the rise with a score of 17.15 for crypto ownership.
  • Employment Opportunities: Robust job opportunities, scoring 93.64, contribute to Durban’s potential in the crypto space.
  • Legal Environment: Durban boasts a perfect score of 100.00 in a supportive legal environment.
  • Business Acceptance: In the early stages, with a score of 0.00 for crypto acceptance, Durban holds promise for future growth in the digital finance landscape.

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