Rethinking Prosperity: Stories from South Africa's Townships ft. Bitcoin Ekasi's Founder
“VALR Unfiltered: Money, Meaning and Society” is a new podcast brought to you by VALR, bringing real conversations to a world that’s increasingly defined by financial instability, political polarisation, and digital disruption, where few conversations are more important than around what prosperity truly entails.
What does the pursuit of prosperity mean in today’s world, how does it affect human relations, and how is prosperity achieved through decentralised technologies like Bitcoin?
In a candid and insightful exchange, Ben Caselin, CMO at VALR sits down with Hermann Vivier, founder of Bitcoin Ekasi, a grassroots Bitcoin adoption project based near Mossel Bay, South Africa, to unpack the evolving ideas of prosperity, generosity, and financial inclusion in a world where Bitcoin continues to see an ever-widening adoption. Far from abstract theory, this conversation grounds these big-picture ideas in real-life experience—from township-level implementations to global-scale shifts in wealth distribution and power.
What is Bitcoin Ekasi?
Hermann describes Bitcoin Ekasi as an effort to build a circular Bitcoin economy in a South African township—a place often marginalised in the larger financial system. The name "Ekasi", rooted in Afrikaans from the word “lokasie” (location) and township vernacular, references the localised living areas established under apartheid. This context is crucial: Bitcoin adoption here isn't about hype or speculation—it's about survival, dignity, and intergenerational empowerment.
Bitcoin: A Psychological and Historical Evolution of Money
Hermann emphasised that Bitcoin is not merely a piece of technology; it’s an embodiment of something far deeper. Money, he suggests, is intrinsically tied to human psychology. It’s a tool that reflects our basic instincts of fairness, exchange, and reciprocity—deep-rooted concepts that precede and transcend the use of gold, fiat currencies, and digital assets.
“At the heart of it,” Hermann explains, “we have this inherent desire for a fair trade. We all have an internal sense that if we give something—our time, energy, or resources—it should be exchanged fairly. This is not just about economics; it’s about human nature.”
Historically, before the advent of formal money systems, early human societies relied on credit systems where favors and promises were traded—relationships were built on trust, and everyone knew what they owed one another. This psychological contract still holds true today, and it’s one of the reasons why inflation and money printing feel inherently unfair to many.
Bitcoin speaks to that psychological need. It provides a currency that cannot be debased or inflated in the same way fiat money can be, thus aligning with a deep-seated human desire for stability and fairness in exchange.
The Evolution of Money: From Fiat to Bitcoin
The transition from gold-backed money to fiat currency was, in Hermann’s view, not the result of some nefarious plan but an inevitable evolution driven by the natural progression of society. While fiat systems have allowed for economic expansion, they have also led to the devaluation of money, contributing to the feeling of injustice that many experience today.
Hermann agrees with the perspective that this transformation was likely unavoidable, as economist Lynn Alden points out, but he also believes that we are on the cusp of a new phase in the evolution of money—one that could be more equitable.
“We're witnessing the beginning of a fairer system,” Hermann remarks. “More people are starting to realise that the current system feels wrong. Bitcoin is not just a new form of money; it’s a response to that unfairness. It’s a recognition of the need for a neutral, uninflatable asset.”
The Cultural Layer of Wealth
Their conversation takes a nuanced turn as Ben and Hermann reflect on how different cultures relate to wealth. In some parts of South Africa, people remain embedded in their communities even as they accumulate wealth. In others, affluence leads to isolation, high walls, and gated homes. It's a reminder that money doesn't just change lives—it can change how we live and relate to others.
Bitcoin as an Awakening: Moving Beyond Just Money
The introduction of Bitcoin coincides with a larger societal awakening, one that extends beyond financial systems. Hermann and Ben discussed how events like the recent pandemic and ongoing global conflicts have catalysed a greater consciousness among people about the inherent flaws in our current systems.
“There’s a lot of confusion and disconnect in society today, whether it’s about money, value, or even our identity,” says Ben. “But I truly believe that the times we live in offer an opportunity for awakening. Bitcoin is part of that awakening—showing us a different, more just way forward.”
In a world where power dynamics are shifting, Bitcoin offers a decentralised way for individuals to regain control over their wealth. It represents a rejection of traditional systems of control, particularly from nation-states and large institutions. But as Hermann warns, this shift cannot happen without constant vigilance.
Vigilance and Scepticism: The Path Forward
Despite the optimism surrounding Bitcoin, Hermann also emphasises the importance of vigilance. While adoption by governments and corporations could validate Bitcoin’s place in the financial system, it is crucial not to fall into complacency.
“The biggest danger to Bitcoin is complacency,” he cautions. “We must remain inquisitive and sceptical. We can’t just accept government adoption or institutional investment as a sign that Bitcoin has already succeeded.”
What Hermann calls for is a healthy scepticism toward centralisation, even within the Bitcoin ecosystem. We cannot allow powerful entities to control or manipulate the system. It’s crucial for the Bitcoin community to stay true to its values of decentralisation, transparency, and individual sovereignty.
The Future: Solving Real Problems
Bitcoin may be the most successful cryptocurrency, but as Hermann points out, the broader space is still in the discovery phase. Cryptocurrencies and blockchain technologies continue to evolve, with some projects undoubtedly solving real-world problems. Others, however, will fail to live up to their promises.
He offers the example of Tether, the largest stablecoin by market cap. Tether has found success because it solves a real problem—allowing people in countries with unstable currencies to access the dollar. Hermann acknowledges that while he doesn’t personally endorse Tether, its success is evidence that cryptocurrencies can solve genuine problems for millions of people.
“I don’t know which projects will survive long-term,” Hermann admits. “But the ones that do will be those that solve real-world problems. Bitcoin is a solution to the problem of unreliable money, and I believe it has a bright future. But the rest of the crypto industry needs to show that it can solve actual problems, not just create hype.”
A Bright Future: Technology and Humanity Aligned
As the conversation draws to a close, Ben reflects on the idea that technology alone cannot solve the world’s problems. “It’s not just about the tech,” he says. “It’s about aligning technology with the human spirit. We need to embrace kindness, generosity, and mutual respect, especially as we confront the complexities of decentralisation and free speech.”
Hermann agrees, stressing that while technology has immense potential to help us, it is ultimately up to humanity to harness it for good. “Human nature is inherently positive,” he concludes. “Yes, we have flaws, but our capacity for survival, resilience, and kindness is what gives me hope for the future.”
As Bitcoin continues to evolve and impact global systems, it remains a reflection of a larger shift in human consciousness—a shift toward fairness, transparency, and mutual respect. The road ahead may be challenging, but it is also filled with immense opportunity. If we can align technology with our deeper values, we just might unlock a future where both the human spirit and innovation flourish together.
The Bitcoin revolution isn’t just about financial freedom or decentralisation; it’s about awakening to a new way of thinking about money, value, and human connection. As we navigate this new world, the idea is to ensure that we remain true to the ideals of fairness, transparency, and respect for one another. The future is unwritten, but Bitcoin is certainly helping us write a more equitable chapter.
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
