Richest woman in South Africa considers Bitcoin as her worst investment

Magda Wierzycka, CEO of Sygnia, is the richest woman in South Africa. She was once asked whether she has ever wasted her money in her life and she just had one thing to say- Bitcoin.

Magda is a self-made woman, and it was never easy for her in her childhood. She grew up in Poland, but the collapse of the Polish economy forced her and her family to move out, and they moved to Austria where they lived in a refugee camp.

Her family moved to South Africa in 1983, and she was 13 back then. She learned English and Afrikaans as quickly as possible and completed her schooling from Pretoria High School for Girls. She further obtained her business qualifications at the University of Cape Town.

Magda slowly climbed the ladder in the corporate world, and finally, in 2003, she became the CEO of African Harvest Group. She then established Sygnia Asset Management, a financial technology company in 2006 and became CEO of the company.

In 13 years, she has helped in growing the company’s assets from R2 billion to R200 billion, making it South Africa’s biggest financial institution. In October 2015, Sygnia got listed on Johannesburg Stock Exchange, and this made Magda one of the wealthiest people in the country. However, she pointed out that she lives in debt as she thinks there’s a huge difference in paper wealth and cashflow wealth.

Her worst investment ever was investing money in Bitcoin, and she regrets doing that. She bought her first Bitcoin at $4,000 and last at $18,000, and she watched the prices go down the same week. She lost so much money that she has lost faith in Bitcoin, and she prefers to stay away from it no matter what the investors say about it.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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