IiNkampani zikaNondyebo weBitcoin: uPhononongo lwabaTyali-mali baseMzantsi Afrika
Inkampani kaNondyebo yeBitcoin lishishini elidwelisiweyo elibambe iBitcoin njenge-asethi ye-balance sheet yayo kwaye ikuthengisele isabelo kuloo nto ibambayo kunemali yenkozo ngokwayo. Imodeli inethamsanqa kwaye iphinde yacima abantu xa iprimiyamu ixhomekeke ekuguqukeni komphunga. Oku kukufunda kwam ngokunyanisekileyo malunga nendlela esebenza ngayo, apho umngcipheko usithela khona kwaye xa ummi waseMzantsi Afrika engcono ukuba abe ngumnini we-asethi.
Ukuthathwa okungundoqo
Iinkampani zikaNondyebo zivumela amaziko angakwaziyo ukubamba i-Bitcoin ngokuthe ngqo ngokulingana okudwelisiweyo. I-trade-off yi-premium kwixabiso le-asethi ye-asethi: isabelo sivame ukurhweba ngaphezu kwexabiso leBitcoin emva kwayo, kwaye loo ntlawulo ingawa ngokukhawuleza kunexabiso leBitcoin. Kubantu abaninzi baseMzantsi Afrika, ubunini obuthe ngqo kwindawo yokugcina ebandayo lolona khetho lucocekileyo. Kwimali eyinkunzi egunyazisiweyo ethintelweyo ekuchukumiseni ingqekembe, inkampani kanondyebo ngamanye amaxesha ikuphela kocango oluvulekileyo, kwaye loo nto iyenza ibe luncedo ngokwenene.
Yeyiphi inkampani kanondyebo ekuthengisela yona
Khulula itikiti kwaye imodeli ilula. Inkampani idwelisa kutshintshiselwano, inyusa imali ngokukhupha izabelo okanye ityala, kwaye ichithe loo mali kwiBitcoin eyipakisha kwiphepha layo lomncono. Uyasithenga isabelo. Awuyithengi ingqekembe.
Loo mahluko luphononongo lonke. Umnini-sabelo unobulungisa kwishishini eline-asethi ephambili yiBitcoin, ingelilo ibango onokuthi ulirhoxise, uqinisekise ngokuchasene ne-node yakho okanye uye kwi-wallet oyilawulayo. Inkampani ingumnini we-asethi. Liphepha lakho elibhekisa kuyo. Ixabiso lesabelo lilandelela i-Bitcoin ixesha elide ngenxa yokuba ingqekembe ye-balance sheet, kodwa kwiifestile ezimfutshane iphendula kwenye into ngokupheleleyo, kwaye kulapho abantu benzakala khona.
Incwadi yokudlala ayizange ibhalelwe eRhawutini. Ngo-Agasti ka-2020 inkampani yesoftware yaseMelika ebizwa ngokuba yiMicroStrategy, ukusukela oko yathiywa ngokutsha iSicwangciso, yaqala ukuguqula imali yayo ibe yiBitcoin kwaye ayizange ime. Imakethi iphinde yanika inkampani kuqikelelo lwesoftware ukuya kwenye yezona zinto kuthethwa ngazo malunga nezabelo zamashishini kule minyaka ilishumi, kwaye ngo-2025 ibambe ngaphezulu kweenkozo ze-500,000, eyona ndawo inkulu yeBitcoin. Uninzi lweenkampani ezidwelisiweyo kulo lonke elaseMntla Melika, iYurophu kunye neAsia sele zikope ubume. Umbono wasuka kumdla ukuya kwicandelo malunga neminyaka emine, inguqu endiyilandele ngokweenkcukacha ngakumbi ukwamkelwa kweziko Bitcoin.
Oko kwangqineka ngoovulindlela kwakungabafanelanga abo bathandabuzayo. Inkampani ayinakubamba nto ngaphandle kwe-asethi ye-asethi eguquguqukayo, yenqaba ukuphuma kuyo kwaye ivuzwe yimarike ngoqikelelo olungaphezulu kakhulu kwingqekembe kwiincwadi zayo. Loo mvuzo uyiprimiyamu, kwaye ukuqonda apho uvela khona ngumahluko phakathi kokuthenga imodeli ngamehlo avulekileyo kunye nokuthenga ibali ongalifundanga kude kube sekupheleni.
Kutheni imali enzulu isebenzisa lo mnyango konke konke
Iingxowa-mali zomhlalaphantsi kunye nee-inshurensi kunye nabaphathi abaninzi bempahla baqhuba ngokwemiyalelo. Isigunyaziso yincwadi yomthetho echaza into enokuthi ibanjwe yingxowa-mali, kwaye i-Bitcoin, njenge-asethi yomthwali ehlala ngaphandle kwenkqubo yezemali yemveli, ihlala ngaphandle kwenkoliso yezo migaqo. I-equity edwelisiweyo ayikwenzi oko. Ngoko iziko elalelweyo ekubeni libambe ingqekembe kwiincwadi zalo linokuba nezabelo kwinkampani eyibambele ingqekembe yemali. Ubume bezoqoqosho buphantse bufane. Isakhiwo sivumelekile apho i-asethi ingekho.
Kungenxa yoko le nto yonke imoto ikhona.
Ingqiqo efanayo iqhuba kwiiakhawunti zomhlalaphantsi zaseMelika, apho imithetho ishukuma kwizabelo ezidwelisiweyo kodwa ngokwembali iphikisana ne-crypto ngqo. Iingxowa-mali zomhlalaphantsi zaseMzantsi Afrika zijongana nohlobo lwazo lwezi zithintelo, yiyo loo nto iqumrhu linokufumanisa ukubaluleka kwendawo njengoko imarike ikhula.
Sele inonyawo. I-JSE ngoku idwelisa i-Afrika Bitcoin Corporation, eyayisakuba yi-Altvest, njengenkampani yokuqala ye-Bitcoin yelizwekazi, kwaye ndiye ndadlula kwinto ethetha ngayo kubatyali-mali basekhaya kwisiqwenga sam. Inkampani yokuqala yaseAfrika edweliswe nguJSE yeBitcoin. Ubuchwephesha endibubeke ngezantsi busebenza kuyo kanye njengoko busebenza kwi-Strategy, nje kwisikali saseRhawutini kunye ne-Johannesburg liquidity.
I-premium, kunye ne-flywheel ehamba kuyo
Yonke inkampani ye-treasury inexabiso le-asethi ye-net, engeyona nto ngaphezu kwexabiso lemarike ye-Bitcoin yalo eyahlulwe ngenani lezabelo ezikhutshiweyo. Ixabiso lesabelo alikho phantsi koxanduva lokuhlonipha elo nani. Xa imfuno iqhuba ishushu urhwebo lwesabelo ngaphezulu kwe-NAV, kwi-premium, kwaye abathengi bahlawula ngaphezulu kweyunithi nganye yeBitcoin kuneendleko zengqekembe ezifanayo kwimarike evulekileyo. Hlawula isihlandlo esinye esinesiqingatha se-NAV kwaye unikezele nge-R1.50 nge-R1.00 nganye ye-Bitcoin ngaphakathi kwephepha lokusonga. Loo ntlawulo ibonisa ixabiso lemarike elilibekayo kulwakhiwo, kubuchule babaphathi bokugcina ingqekembe yokuqokelela imali kunye nemfuno eqikelelwayo ecacileyo evela kubantu abangakwaziyo ukufikelela kwiBitcoin nangayiphi na enye indlela.
Nali icandelo elikrelekrele, kwaye ndifuna ukuba nobulungisa kulo kuba likrelekrele ngokwenene. Inkampani ethengisa ngaphezu kwe-NAV inokukhupha izabelo ezitsha, izithengise ngaphezu kweBitcoin emi emva kwayo, kwaye isebenzise imali ukuthenga ingqekembe engaphezulu kunokuba inike. Abanini zabelo abakhoyo baphetha benebango elikhulu kwiBitcoin kunokuba baqale ngayo, ingqekembe yemali eninzi ngesabelo ngaphandle kwento eyongezelelweyo.
Yingxubuwa etyebisayo kuneyokuxutywa iyohlwaya. Yiyo loo nto iQhinga laqala ukuzilinganisa hayi kwingeniso ngesabelo ngasinye kodwa kwiBitcoin ngesabelo ngasinye, ibhodi yamanqaku apho umbuzo kuphela kukuba ingaba isabelo ngasinye sixhaswa yingqekembe engaphezulu kunonyaka ophelileyo. Qhuba i-flywheel ngelixa i-premium ibambe kwaye idibanisa kakuhle.
Ngoku yibalekise umva.
Vumela imvakalelo ipholile de isabelo sityibilike siye kwisaphulelo, ngaphantsi kwexabiso lengqekembe yaso, kunye ne-lever jam nganye ngaxeshanye. Ukukhutshwa kwezabelo ngoku kutshabalalisa iBitcoin ngesabelo ngasinye endaweni yokuyakha, ngoko ke ukunyusa imali eyinkunzi kunciphisa ngendlela eqhelekileyo ebuhlungu. Ukuthengisa ingqekembe ukuthenga umva isitokhwe kuya kuvala umsantsa kodwa iphula ibali lokuqokelela yonke into yakhiwe kuyo. Inkampani yezonondyebo ibambelele kwisaphulelo yiyacht enomoya kwikota engalunganga, kwaye abanini-zabelo bayo bafumanisa ukuba imbuyekezo yabo ayizange ibe yinto enye kodwa ezintathu: ixabiso leBitcoin, ujingi kwiprimiyamu kunye nokutshintsha kweengqekembe ngesabelo ngasinye. Thenga ingqekembe ngokuthe ngqo kwaye uphathe inguqu enye. Olo lurhwebo ngesivakalisi.
Imingcipheko endiyenza abathengi batsho ngokuvakalayo
Iintlawulo zanyanga le yimozulu, hayi imozulu. Xa isimo sengqondo sinamandla bayanda kwaye xa buthathaka banokungena ngokukhawuleza kunokuba ixabiso leBitcoin ngokwalo liwa, oku kuthetha ukuba umnini-sabelo unokulahlekelwa yimali yokwenene kwinkampani yobuncwane nakwiveki xa i-Bitcoin ingenzi nto. Lo ngumaleko wokuguquguquka okubekwe phezu kwe-asethi esele iguquguquka.
Emva koko kukho amandla. Uninzi lwezi nkampani ziboleka ukuthenga ingqekembe ngaphezu kokuba i-equity iyodwa iyakuvumela, kwaye ityala lisithembiso esinomhla kulo. Ukuba i-Bitcoin iwela nzima kumzuzu xa ibhondi ikhula, inkampani exhotyiswe kakhulu inokunyanzelwa ukuba ithengise ingqekembe ukuze ihlangabezane nesibophelelo, nto leyo echasene ngqo nento umnini wexesha elide afuna ukuyenza. Ukuthengisa okunyanzelwayo emazantsi yindlela i-leverage ejika ngayo i-drawdown ibe yi-wipeout. Ndiyibukele imijikelezo eyaneleyo ukususela kwi-2016 ukuphatha nayiphi na isakhiwo esinokunyanzeliswa ukuba sithengise ngexesha elibi kakhulu ngokukrokra kwangempela.
Kukho umngcipheko wokukhuphisana ngaphezulu kwezemali, kwaye kulula ukuyiphosa. Iprimiyamu eyonwabela inkampani kanondyebo ngokuyinxenye yipremiyamu yokunqongophala, ihlawulwe kuba iminyaka ibingekho indlela edwelisiweyo esezantsi yokubamba iBitcoin. Obo bunzima buya buphela. I-Spot Bitcoin ETFs ngoku inika inkxaso-mali kunye nabacebisi indlela ecocekileyo, ephantsi yokulandelela-impazamo yokuba ngumnini wengqekembe ngaphandle kweqela lolawulo elithatha imbono malunga nokukhupha izabelo. Njengoko ezo mveliso zisasazeka, inkampani kanondyebo kufuneka ithethelele iprimiyamu yayo ngokukhula kokwenyani kwiingqekembe zemali ngesabelo ngasinye kunokuba ibingumnyango kuphela kwigumbi. Iprimiyamu ehlawulwe ukunqongophala ayisindi ekufikeni kobuninzi.
Beka i-exposures kwaye umfanekiso unyanisekile. Umnini wenkampani kanondyebo uthatha umngcipheko wexabiso leBitcoin, kunye neprimiyamu yemvakalelo yomngcipheko, kunye nezigqibo zeqela labaphathi, kunye nalo naliphi na ityala lenzayo phantsi koxinzelelo. Imingcipheko emine apho ubunini obuthe ngqo buthwala omnye. Akukho nanye kuloo nto eyenza imodeli ibe ngumkhonyovu. Iyenza ibheji esebenzayo, elawulwa ngokusebenzayo kwiBitcoin enxibe njengesabelo, kwaye kufuneka ithengwe ngabantu abayiqondayo kanye loo nto kwaye bafuna kanye loo nto.
Kuthengwe ngamehlo acacileyo, ubukhulu obufanelekileyo, ngumnini onelungelo, sisixhobo esisemthethweni. Ithengwe njengendlela emfutshane yokuba ngumnikazi weBitcoin ngumntu onokuba ngumnikazi weBitcoin, yindlela ebiza imali eninzi.
I-engile yaseMzantsi Afrika, kunye nalapho ndihlala khona
Kumtyalomali wasekhaya iindlela zahlula ngokucocekileyo. Unokuba ngumnikazi we-Africa Bitcoin Corporation ngokusebenzisa umthengisi wezabelo oqhelekileyo kwiiyure ze-JSE, okanye ungafikelela kumagama aseMelika ngezibonelelo zakho zangaphandle konxweme, kuba abantu baseMzantsi Afrika banokutyala imali kwisibonelelo esisodwa sokukhetha kwaye bafikelele kwisibonelelo esikhulu sotyalo-mali sangaphandle kunye ne-PIN yokuthobela irhafu. Imithetho yolawulo lotshintshiselwano lweBhanki enguVimba iyasebenza kwindlela ekude nonxweme, ngoko ke ingxelo kufuneka yenziwe ngokufanelekileyo kunokuba kucingelwe ukuba kude. Ukuba ngumnini wesabelo sikanondyebo, nokuba kusekhaya okanye kude nonxweme, kuthetha ukuba inkampani iphethe ugcino ngomboneleli ongamkhethanga nongenako ukumbuyisela endaweni yawo, nto leyo echaseneyo nolawulo olwenzayo. I-Bitcoin i-asethi yomphathi kufanelekile ukubamba kwindawo yokuqala.
Eyam indawo ayothusi nabani na ofunde ukuza kuthi ga ngoku. Kumntu ogcina isithuba seminyaka emihlanu ukuya kweyeshumi ndiyamkela kwiBitcoin, ndifuna ukuba umxhasi abe ne-asethi ngokwayo, izitshixo ezandleni zabo, akukho ntlawulo kwaye akukho mlinganiso phakathi kwabo kunye nenkozo. Lowo ngumsebenzi endiwenzayo kwi-SimplB, ukusuka kwisikhokelo sokuzigcina ngokukhokelwa nge-2-of-3 ye-multisig Vault yokubamba ngokunzulu. Kumlawuli onobunzima bombuzo omnye malunga ne-balance sheet yenkampani, i-accounting yasekhaya kunye neNkonzo yeRhafu yoMzantsi Afrika (SARS) iimpendulo zikhona ngoku kwaye ndizibeke phantsi. I-Bitcoin njenge-asethi yequmrhu lezemali eMzantsi Afrika.
Inkampani kanondyebo ayiphuthanga. Yenza umsebenzi othile kwinkunzi engakwaziyo ukufikelela kwi-Bitcoin nayiphi na enye indlela, kwaye kuloo nkunzi sisixhobo sokwenyani nesiluncedo. Kuninzi lwabantu abandibhalelayo, yipremiyamu kunye nemingcipheko emithathu eyongezelelweyo ebotshelelwe kwi-asethi abanokuba ngabanini bayo ngokuthe ngqo. Phambi kokuba uthenge nasiphi na kwezi zabelo, yenza isamba esinye itikiti alisokuze likubonise: yahlula ixabiso lemalike yenkampani ngexabiso leBitcoin eyibambe. Inani elikufutshane nelinye lithetha ukuba uhlawula ixabiso elifanelekileyo lengqekembe kunye neqela labaphathi. Inani elingasentla kwelinye lithetha ukuba uhlawula loo phinda-phinda ngerandi nganye yeBitcoin ngaphakathi, kwaye ufuna imbono eqinileyo yokuba kutheni le premium isinda. Ingqekembe ngokwayo isoloko irhweba kanye kanye.
Imibuzo ebuzwa qho
Ngaba iQhinga likuphela kwenkampani kanondyebo weBitcoin?
No. Strategy waba ngowokuqala ukwamkela imodeli kwisikali ukusuka Agasti 2020, kodwa iinkampani ezininzi kulo lonke elase-US, Japan naseYurophu baye balandela nezakhiwo ezifanayo, kwaye JSE ngoku dwelisa Africa Bitcoin Corporation ekuhlaleni. Imodeli isasazeka ngokukhawuleza eMntla Melika, apho iimarike ezinkulu zinzulu.
Kutheni le nto iinkampani zikanondyebo zisebenzisa amatyala ukuthenga iBitcoin?
Ityala livumela inkampani ukuba ifumane i-Bitcoin eninzi kunokuba i-equity iyodwa inokuvumela. I-trade-off kukuba ityala lisibophelelo esisisigxina kunye nomhla walo. Ukuba i-Bitcoin iwela ngokukhawuleza njengoko ibhondi ikhula, inkampani exhotyiswe kakhulu inokunyanzeliswa ukuba ithengise ingqekembe ukuze isebenze kwelo tyala, nto leyo echasene noko umnini wexesha elide afuna ukuyenza.
Ngaba abemi boMzantsi Afrika bangatyala imali kwiQhinga ngokuthe ngqo?
Ewe, ngezibonelelo zotyalo-mali zaphesheya kolwandle. Abantu banokutyala imali kwisibonelelo esisodwa esinokuvela ngaphandle kokuvunywa kwerhafu kwaye bafikelele kwisibonelelo sotyalo-mali lwangaphandle esiphezulu kunye ne-PIN yokuthotyelwa kwerhafu. Urhwebo lweqhinga kwiNasdaq phantsi kweTicker MSTR, kunye neReserve Bank yolawulo lwengxelo yotshintshiselwano iyasebenza. Umcebisi wakho werhafu unokuqinisekisa unyango oluchanekileyo kwiimeko zakho.
Ngaba inkampani kaNondyebo yeBitcoin iyafana neBitcoin ETF?
Hayi. I-Bitcoin ETF ibamba ingqekembe kunye nemiba yeeyunithi ezakhelwe ukulandelela ixabiso layo ngokusondeleyo, ngokuqhelekileyo ngaphandle kweprimiyamu enentsingiselo kwi-NAV. Inkampani kanondyebo lishishini elisebenzayo elibambe iBitcoin kwiphepha layo lomncono, ngoko ke isabelo sayo sinokukhukuliseka kude nexabiso laloo ngqekembe. Ubume be-treasury bongeza i-premium, ulawulo kunye nokutshintsha kwamatyala angenayo i-ETF.
Tsiba ipremiyamu kwaye ubambe ingqekembe
I-SimplB inceda abantu baseMzantsi Afrika bathenge, bakhusele kwaye bamise i-Bitcoin ngokuthobelayo, njengoMmeli woBugqwetha we-CAEP Asset Managers (FSP 33933).
Bhukha umnxeba wokufunyanwa