CAPE TOWN - Bitcoin is becoming insanely popular amongst South Africans but now seems to be getting them into financial trouble by investing in cryptocurrencies.
Debt Rescue CEO, Neil Roets said South Africans have been driven to the brink of bankruptcy after buying into cryptocurrency.
“We interviewed our first cryptocurrency victims towards the end of last year who wanted to go under debt review because they were no longer able to adequately service their debt,” said Roets.
“Some of them had gone as far as pawning their vehicles, taking out second bonds on their homes, and borrowing money on credit cards in order to buy cryptocurrencies,” added Roets.
While certain consumers who approached Roets for debt counselling had fallen victim to hackers and scams.