Bitcoin Price Rises To More Than IDR 500 Million, Highest Since May 2022

Indodax CEO, Oscar Darmawan. (Photo: Doc. Indodax)

JAKARTA - On Tuesday, October 24, 2023, the price of Bitcoin rose again, breaking the price of more than IDR 548 million. This is the signaler that the price of Bitcoin will strengthen.

The price of Bitcoin was recorded to have increased by around 14 percent, after the previous day the price of Bitcoin was recorded at around Rp476 million. INDODAX CEO Oscar Darmawan said that one of the causes of the increase in the price of Bitcoin was optimism for the approval of the SEC's Bitcoin ETF.

"It is agreed that this Bitcoin ETF will greatly affect the movement of Bitcoin and the prices of other crypto assets. Bitcoin ETF can also generate new capital flows to crypto markets that can increase demand from investors or traders. This is what drives the increase in Bitcoin prices and other crypto assets," explained Oscar Darmawan, Wednesday, October 25.

In addition to being able to encourage price increases, Oscar Darmawan also mentioned that the existence of Bitcoin ETF can also boost the reputation of crypto assets.

"ETF Bitcoin also greatly affects the reputation of crypto assets, because the impact of Bitcoin ETF can last a long time. One of them is more stable and sustainable volatility," said Oscar Darmawan.

Apart from the SEC's prediction of the approval of Bitcoin ETF, another reason Bitcoin price increases is the existence of a Bitcoin halving day which is predicted to occur next year.

"The existence of Haling Bitcoin is also very influential on Bitcoin offerings and demand which will have an impact on the buying and selling price of Bitcoin. If it reduces block rewards, halving will limit the number of new Bitcoins entering the market. At a time when new supplies are reduced and demand remains high and even increases, this will encourage an increase in Bitcoin prices," said Oscar Darmawan.

Moreover, Bitcoin was only created as many as 21 million copies in the world which made Bitcoin rare and in demand by many people.

"If 1 BTC is equivalent to approximately 500 million rupiah, it means having 2 BTC, that person already has 1 billion rupiahs. Of course this is very profitable for our members who save Bitcoin. Moreover, next year there will be a halving day, where the price according to crypto practitioners is expected to exceed the current price," said Oscar Darmawan.

Therefore, Oscar Darmawan advised investors or traders to invest in a disciplined and routine manner with a small dollar cost averaging (DCA) technique.

"As a trusted crypto exchange in Indonesia, INDODAX now has a new feature to help investors invest in dollar-averaging (DCA) techniques, which are named routine investment features. This feature allows investors to invest regularly every month in the same amount," explained Oscar Darmawan.

Oscar Darmawan also explained that the dollar cost averaging (DCA) technique will help investors to buy potential crypto assets regularly, thus creating a consistent and healthy investment concept every month.

Especially now that according to data from CoFTRA, the total number of crypto investors in Indonesia has reached 17.91 million people. By investing using this DCA technique, Oscar Darmawan believes he can stimulate new crypto investors to start investing.