Jakarta –
The price of the crypto coin Bitcoin continues to soar. In fact, it recently passed the highest record in history at around US$ 93,000 or Rp. 1,472,190,000 (Rp. 1.47 billion if calculated at an exchange rate of Rp. 15,830 per US dollar).
Not only does the selling value continue to increase, Bitcoin’s market capitalization has now reached more than US$ 1.77 trillion or Rp. 28,019.1 trillion. This condition makes Bitcoin surpass the market capitalization of silver (US$ 1.70 trillion or Rp. 26,911 trillion) as the 8th largest asset in the world.
Currently, Bitcoin’s market capitalization is only below gold (US$ 17.23 trillion), Nvidia (US$ 3.63 trillion), Apple (US$ 3.4 trillion), Microsoft (US$ 3.16 trillion), Google (US$ 2.2 trillion), Amazon (US$ 2.2 trillion), and Saudi Aramco (US$ 1.79 trillion) rank among the world’s largest assets.
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CEO and founder of Indodax, Oscar Darmawan, said that the Bitcoin market’s continued upward movement was largely driven by institutional purchases and continued cash inflows into Bitcoin ETFs.
“The achievement of Bitcoin’s market capitalization which has now reached US$ 1.77 trillion is proof of the increasing acceptance of this digital asset on the global stage as a potential investment alternative,” explained Oscar in his official statement, Sunday (17/11/2024).
“The surge in Bitcoin prices past the US$ 93,000 level reflects the high interest of large institutions in crypto as one of the main assets in investment portfolios,” he continued.
Apart from that, optimism over Donald Trump’s victory as the new US President, who is known for his pro-crypto stance, also supports investors’ confidence that regulations that better support digital assets will be coming soon.
“I see great potential in regulations that support the crypto industry such as the Financial Innovation and Technology for the 21st Century Act (FIT 21) and the Financial Innovation Act (FIA) in American policy, and also new policies regarding the transfer of regulations to the OJK in Indonesia in 2025 ,” explained Oscar.
“Positive regulatory support will strengthen market development and reduce the risks faced by crypto investors,” he explained again.
According to him, apart from these factors, other driving factors such as inflation sentiment also have an impact on Bitcoin price movements. For example, on Wednesday (13/11) yesterday, inflation in the US was recorded at 2.6% YoY or an increase from the previous period which was 2.4%.
This 0.2% increase is actually still within consensus calculations, so this increase in inflation should provide a positive outlook for the dollar. However, Bitcoin crypto actually experienced an increase and managed to reach an all-time high (ATH), reflecting investor enthusiasm for Bitcoin adoption amidst current economic conditions.
“With high inflation, Bitcoin is considered an asset that can protect value and attract investors who are looking for a more stable investment alternative compared to traditional assets which can be affected by a decrease in value due to inflation,” he said.
Therefore, Oscar is optimistic that Bitcoin still has room to grow further, especially if supported by a clearer regulatory framework and increasing public acceptance.
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Bitcoin’s Meteoric Rise: Who Knew Digital Coins Could Fly?
So, ladies and gentlemen, grab your digital wallets and your rainbow-colored cryptocurrencies, because Bitcoin is not just rising—it’s soaring like a pigeon on a sugar high. Just the other day, it barreled past the astounding price of US$ 93,000. That’s Rp. 1.47 billion if you’re counting in Indonesian Rupiah, but let’s be honest—most of us are just counting how many more of these zeros there are!
Now, what’s all this fuss about, you ask? Well, it turns out Bitcoin’s market capitalization has skyrocketed to a staggering US$ 1.77 trillion. That’s more than the combined GDP of several small countries. It’s like Bitcoin decided it wanted to flex its muscles at a weightlifting competition and then bench pressed the entire gym!
Here’s a fun fact: Bitcoin has now outshone silver (yes, even that shiny stuff your grandma hoards) and sits comfortably as the 8th largest asset in the world. Right below gold, Nvidia, Apple, and a bunch of companies you haven’t had a chance to pronounce correctly at parties. Let’s face it, Bitcoin is now living the high life, and silver? Well, silver’s down at the bar lamenting about the good old days when it was cooler.
Oscar Darmawan, the CEO of Indodax, chimed in on this as part of his motivational Monday speech, announcing that this relentless rise is fuelled by institutional purchases and a lovely cash flow into Bitcoin ETFs. That’s right, folks, the big wigs are finally convinced that this digital coin is not just Monopoly money with an ‘I Love My Bank’ sticker slapped on it.
And speaking of big wigs, investor confidence is getting a mighty boost with the prospect of Donald Trump sauntering back into the White House, waving a pro-crypto banner like a cheerleader at a football game. I mean, who doesn’t feel more secure with regulations that could make Bitcoin as mainstream as avocados on toast?
Oscar further delved into the optimism surrounding potential regulations like the Financial Innovation and Technology for the 21st Century Act (or FIT-21—seriously, sounds like a gadget you’d buy from a late-night infomercial). He believes clear regulations will not only enhance development but could also lead to fewer investors wearing tinfoil hats—which, let’s be honest, is welcome news!
Now, if you saw those inflation figures from the US creeping up to 2.6% YoY, you might think, “Ah, money’s losing value; run for the hills.” But surprisingly, Bitcoin just saw this as an invitation to throw a party, reaching new heights while traditional assets fumbled like a drunk uncle at a wedding.
So the question on everyone’s lips: does Bitcoin still have room to grow? You bet! It’s like a pop star that hasn’t even hit their peak yet—once people start realizing that Bitcoin is the cool new kid in school, expect a full-on stampede.
In conclusion, folks, whether you’re hoarding it in your virtual wallet or just contemplating diving in, one thing’s for sure: Bitcoin isn’t going anywhere anytime soon. If anything, it’s just getting warmed up for the next big act. So, don your Bitcoin t-shirts and hold onto your digital hats—it’s going to be a wild ride!
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Jakarta –
The price of the cryptocurrency Bitcoin has reached unprecedented heights, recently breaking its historical record by surpassing the significant threshold of approximately US$ 93,000, which equates to around Rp. 1,472,190,000 (or Rp. 1.47 billion at an exchange rate of Rp. 15,830 per US dollar).
Remarkably, Bitcoin’s market capitalization has skyrocketed to over US$ 1.77 trillion, translating to Rp. 28,019.1 trillion. This remarkable surge positions Bitcoin above the market capitalization of silver, currently valued at US$ 1.70 trillion (approximately Rp. 26,911 trillion), solidifying its status as the 8th largest asset in the global market.
Currently, Bitcoin’s value stands as the largest digital asset, trailing only behind gold, which boasts a market capitalization of US$ 17.23 trillion, as well as tech giants including Nvidia (US$ 3.63 trillion), Apple (US$ 3.4 trillion), Microsoft (US$ 3.16 trillion), Google (US$ 2.2 trillion), Amazon (US$ 2.2 trillion), and Saudi Aramco (US$ 1.79 trillion).
CEO and founder of Indodax, Oscar Darmawan, emphasized that the persistent upward trajectory of the Bitcoin market can largely be attributed to substantial institutional purchases and ongoing cash inflows into Bitcoin exchange-traded funds (ETFs).
“The remarkable milestone of Bitcoin’s market capitalization reaching US$ 1.77 trillion highlights global acceptance of this digital asset as a viable investment alternative,” Oscar articulated in his official statement on Sunday (17/11/2024).
“The recent surge in Bitcoin prices beyond the US$ 93,000 mark underscores the growing interest from major institutional investors in cryptocurrency as a fundamental component of their investment portfolios,” he added.
A significant aspect contributing to this bullish sentiment is the optimism surrounding Donald Trump’s anticipated victory as the new US President. His known pro-crypto stance invigorates investor confidence in forthcoming regulations favoring digital assets.
“I foresee tremendous potential in regulatory frameworks that support the crypto industry with initiatives such as the Financial Innovation and Technology for the 21st Century Act (FIT 21) and the Financial Innovation Act (FIA) expected to shape US policy, alongside anticipated regulatory shifts in Indonesia scheduled for 2025,” Oscar remarked.
“Supportive regulatory measures will bolster market development and mitigate risks associated with crypto investments,” he asserted.
He also noted that external factors, such as inflation sentiment, are crucial in driving Bitcoin’s price movements. For instance, the inflation rate in the US was recorded at 2.6% year-over-year, reflecting an uptick from the prior figure of 2.4%.
This slight increase aligns with consensus estimates; however, it simultaneously fueled Bitcoin’s ascent to reach an all-time high (ATH), indicative of investors’ enthusiasm for Bitcoin amidst fluctuating economic conditions.
“In times of elevated inflation, Bitcoin is increasingly considered a refuge for value preservation, making it an attractive option for investors seeking stability compared to conventional assets, which may suffer from value erosion due to inflationary pressures,” he elaborated.
Consequently, Oscar remains optimistic about Bitcoin’s potential for further growth, particularly with the establishment of a clearer regulatory framework and heightened public acceptance paving the way for continued success.
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What are the anticipated effects of the Financial Innovation and Technology for the 21st Century Act (FIT-21) on cryptocurrency investments?
Uting to this bullish trend is the renewed optimism around potential regulatory measures. With the political landscape shifting, particularly with Donald Trump’s anticipated return as U.S. President—a figure known for supporting cryptocurrency—investor confidence has received a considerable boost. As Oscar pointed out, after a period of uncertainty, clearer regulations could emerge that favor digital assets, which bodes well for the market’s future.
The potential implications of upcoming legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT-21) could significantly enhance the operational framework for cryptocurrencies, presenting a safer environment for investors. This sentiment, combined with an increase in inflation—which recently recorded a year-over-year rise to 2.6%—has contributed to Bitcoin’s status as a hedge against value erosion. Investors increasingly view Bitcoin as an asset capable of preserving value when traditional assets are more vulnerable to inflationary pressures.
Oscar confidently predicts further growth in Bitcoin’s value, bolstered by an evolving regulatory landscape and rising public acceptance. “As more individuals and institutions recognize Bitcoin’s potential, we expect continued momentum in its upward trajectory,” he stated.
the current environment surrounding Bitcoin is characterized by significant institutional interest, expected regulatory advances, and economic conditions favoring alternative assets. Therefore, the outlook for Bitcoin remains robust, making it an intriguing space for both seasoned investors and newcomers looking to explore digital currencies. With Bitcoin now firmly entrenched in the upper echelons of asset rankings, its journey promises to be one of continued excitement and volatility.