Meet Joburg’s cryptocurrency millionaire
ENTREPRENEURS / 23 OCTOBER 2017, 10:00AM / LUYOLO MKENTANE
JOHANNESBURG – An insatiable desire to see Africa grow and become one of the greatest economies in the world has spurred a young Joburg entrepreneur to write a book about how that could be achieved.
Invest in Future Currency chief executive Mpho Dagada, 24, who has already made more than R1million through cryptocurrency, is currently writing the book Jacana Media will publish and which Dagada expects will be next year. “It will cover my journey with entrepreneurship, how I started, and the book will aim to inspire young people within the country to participate in the entrepreneurship space and to succeed as young entrepreneurs,” Dagada says.
“It will also cover cryptocurrency and how I got involved in it.” Dagada says the book has already been endorsed by American entrepreneur Russell Simmons and singer Akon.
“They have agreed that I should ship the book to them for reviews. Dagada says he always wanted to inspire people and give them hope. “I’ve always wanted to discuss how we can all engage in helping Africa grow, and see Africa rise as one of the greatest economies in the world,” he says in an interview with Business Report at his Dunkeld West, Joburg office.
The University of Johannesburg graduate says he got involved with cryptocurrency in 2014. “When I got involved, one bitcoin was worth $200 (R2780). I bought myself some bitcoins and to my shock in 2015 the bitcoin price jumped to R40000. I realised I was sitting on a small fortune,” he recalls.
He then started focusing on cryptocurrencies in a bid to widen his knowledge and understanding about the phenomenon. Dagada says he’s “one of the first few” who got involved in bitcoin in the country.
“I realised that the price kept on increasing each year. I decided to continue studying it, to understand where this is trend going, and that’s when I started developing an interest in block-chain and bitcoin technology.”
With some of the money he made on cryptocurrency trading, Dagada says he has managed to start a logistics company. “I also took some of the money and I got into franchising. But I’m still very invested in cryptocurrency and through my company I offer cryptocurrency consulting for companies, for investors, and teach people how to invest in what I call the future of currency, which is cryptocurrency,” says Dagada.
He has been to New York, San Francisco and London to speak about cryptocurrency. One of his “recent achievements” was going to Silicon Valley in San Francisco in July after being chosen from among 20000 entrepreneurs globally for the sought-after advanced entrepreneurial programme, TrepCamp.
The programme saw him visiting Google, Facebook and Sales Force, among others, to find out how they run their operations.
In 2011, he went as a delegate to Switzerland for One Young World, the pre-eminent global forum for young leaders, “where I was part of the economic committee”, he says.
“We were discussing how entrepreneurs can grow within the country. As a result of that, I have got a YouTube channel. I speak to entrepreneurs, I inspire entrepreneurs. I discuss entrepreneurship things with other entrepreneurs.”
Dagada, who has the gift of the gab and was honoured as the Anglo American Young Communicator Ambassador in Limpopo in 2012, sees himself as someone who has done something different.
“I invested in a different business model and it worked out and I became successful. I like speaking to other young people about their dreams.
“I have made over a $100 000 of cryptocurrency, that’s over R1m,” he says. The bitcoin price in the country surged 748percent this week and closed in on $6000, a far cry from the $635.51 it cost a year ago.
However, detractors have dubbed bitcoin the biggest fraud and warn that is a bubble that will burst. But Dagada remains unperturbed. “I don’t call myself an expert for nothing. By me saying I’m an expert, I don’t give people advice just based on head space. I give them advice on what is actually happening in the industry.”
He says people need to realise that cryptocurrency works on demand and supply and within the cryptocurrency market.
“I teach people how to analyse, how to study, how to assess and how to make an informed decision on cryptocurrency. I give them the actual knowledge,” he says. The young entrepreneur says he is now looking at partnering with bigger companies to “open up a cryptocurrency exchange that would serve Africa and beyond”. “My message to young people is: start now, the time is now. Start in whatever business you want to start now. Entrepreneurship is for everyone.”
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