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Some South Africans Are Going Bankrupt Buying Cryptocurrencies

Some have gone as far as selling their vehicles and taking second bonds on their homes.

A growing number of South Africans are getting into financial trouble by investing in cryptocurrencies like Bitcoin and Ethereum, reports My Broadband.

Neil Roets, CEO of the debt counseling company Debt Rescue, told the tech website that some investors have been driven to the brink of bankruptcy.

"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," the website quoted Roets as saying. "To my amazement, many of them had been the victims of scams involving cryptocurrencies which promised massive returns."

The CEO went on to say that some have gone as far as pawning their vehicles, taking second bonds on their homes and borrowing money on credit cards in order to be able to afford the popular cryptocurrencies.

Roets says that most investors' losses occurred due to the volatility of the cryptocurrency market. For instance, yesterday Bitcoin tumbled by 28% if its value, while Ethereum dropped more than 30% a day before.

Investing is a good thing, and it seems like cryptocurrencies are the future, but tread carefully.


11 Rwandan Artists You Should Be Listening To

Musicians like Bushali, Kivumbi King, Rita Ange Kagaju, and Alyn Sano have been putting their mark on the ever-changing Rwandan soundscape.

The current landscape of modern Rwandan music is more dynamic than ever before, from updated versions of traditional folk sounds to the recent 'KinyaTrap' phenomenon that has permeated playlists across the country. For decades, Rwandan airwaves have been dominated by international hits — and by a handful of established Rwandan superstars — but now, as the country continues to develop and diversify, so does its musical setting, with new and different sounds ascending from the hills. The past five years have seen the emergence of an army of young artists eager to reclaim their languages (Rwanda has four official languages) and identity, interlacing their music with influences that stretch far and wide.

Here are 11 artists that have emerged in the past five years to put their mark on the ever-changing Rwandan soundscape.

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