CRYTO BOOM OR BUST
On Feb 8, 2021, Elon Musk announced that Tesla had purchased $1,5 billion Bitcoin and that the electric car manufacturer would accept this popular crypto as payment. A risky move that paid off, with estimations that Tesla has made more than $1 billion from this investment alone. A sizeable sum, considerably more significant than the profits from their entire operations in 2020.
So Bitcoin is the way of the future. Right? Not quite.
Fast forward to May 13 2021, and Elon switches his viewpoint entirely, from a buy signal to bye, bye. Citing environmental impact as the critical determinate, Tesla will no longer accept crypto as a viable payment, ‘We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”.
This simple tweet caused the crypto to crash by 40% in a matter of days. Proof that this digital currency is still too volatile to be considered a secure investment asset or a clear indication that one billionaire has managed to impact the entire global economy of the future with the power of 140 characters?
GOOD NEWS ONLY
UCOOK stirs up a new homegrown initiative to help bridge the gap from farm to table and empower local farmers.
Named Khulisa Amafama, meaning ‘grow farmers’ – has been developed in partnership with the Philippi Economic Development Initiative (PEDI) and development organization Abalimi Bezekhaya – meaning ‘farmers of the home”.
This program will work directly with emerging farms in the Cape Flats. Designed to educate, up-skill, and empower local farmers, the goals include improved harvest quality, increased PGS organic standards, and larger farm productivity.
This initiative is vital to developing this often forgotten neighbourhood and will provide food security and community upliftment.
Grace Stead, MD at Abalimi – “Through providing a structured mentoring program, support with infrastructure and resources, as well as a secure market, we believe that this partnership will help the farmers to grow while providing organically grown vegetables to UCOOK via PEDI.”
Have a business success story you’d like to share?
E-mail us at firstname.lastname@example.org.
WHAT’S NEW AT RETAIL CAPITAL?
The show must go on, and we’re behind our athletes all the way! African runners have few opportunities to qualify for the Olympics and the Covid-19 pandemic compounded the odds even further. Tokyo Olympic qualification races being cancelled across the globe, travel restrictions and sponsorship budgets drying up due to the economic fallout.
However, we have created a unique opportunity for local athletes to achieve their dreams.
Africans aspiring to race in the 2021 Tokyo Marathon have one final opportunity to qualify. The Retail Capital Langa Marathon Challenge takes place at the Killarney International Raceway on May 30 2021. It is the perfect opportunity for local and African talent to attain qualification before the cut-off.
“Our vision as a business is to support small businesses to succeed against the odds, and so to be part of a club aiming to support African athletes to strive for Olympic qualification against the odds was an easy fit. We wish all the athletes the best of luck.” – Retail Capital CEO Karl Westvig
FINANCIAL TIP OF THE WEEK
Nothing in life is certain except death and taxes.
When it comes to financial matters, most requirements are certain and monthly. Create a simple excel sheet of all monthly payments required and, where possible automate these. Included in this payment schedule should be minimum debt repayments, retirement savings, and investments.
If your financial obligations are managed automatically, there is less room for error and a much higher chance that these payments will be sustainable – reducing your debt and increasing your investment portfolio.