How does the rand to USD rate affect the value of digital currencies?

1 answers

• Nov 28, 2021 · 3 years ago
  As an expert in the digital currency industry, I can confirm that the rand to USD rate does have an impact on the value of digital currencies. When the rand strengthens against the USD, it can lead to a decrease in the value of digital currencies. This is because a stronger rand reduces the purchasing power of South African investors, making digital currencies relatively more expensive. Conversely, when the rand weakens against the USD, it can result in an increase in the value of digital currencies. This is because a weaker rand increases the purchasing power of South African investors, making digital currencies relatively cheaper. Therefore, it is important for investors to monitor the rand to USD rate as it can affect the profitability of their digital currency investments.
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