New Record Bitcoin Price Of IDR 1.2 Billion, Impact Of US Elections And Unstitutional Interest

Illustration. (Photo: Unsplash)

JAKARTA - The price of Bitcoin (BTC) has again reached a record high or All Time High (ATH) at a price of US$76.000, or around Rp. 1.2 billion which was driven by several factors. Among them, Donald Trump's victory in the US Presidential Election, as well as increased interest from institutional circles.

This is due to the strong positive sentiment in the crypto market. The expectations of investors regarding the results of the US Presidential Election in which Donald Trump outperforms Kamala Harris. Trump is known to have a pro-policy support for digital assets and the technology sector, thus having a positive influence on the crypto market. In addition, Trump also plans to form a national Bitcoin reserve and make America a global leader in terms of Bitcoin assets.

In addition to political factors, the movement of institutional funds in the market has also been one of the main drivers of recent Bitcoin price increases. Data from Farside Investors shows that on November 6, 2024, Bitcoin's ETF recorded an inflow of US$621.9 million after Trump's victory increased.

INDODAX CEO, Oscar Darmawan, believes that this phenomenon reflects the strong influence of US political events on the price of Bitcoin.

"When Bitcoin hit its record high price, it showed great trust and hope from investors. Political factors, such as Trump's pro-crypto victory in the US Presidential Election, provide a significant psychological boost in the market," Oscar said, Thursday, November 7.

Oscar also underlined the important role of large institutions in Bitcoin adoption.

"The adoption of Bitcoin is not only driven by retail investors, but is also getting stronger among financial institutions, especially after the submission of Bitcoin's ETF Spot from large companies such as BlackRock. This shows changes in institutional perceptions of crypto assets which are now seen as long-term investment instruments," Oscar added.

Oscar explained that requests from institutional circles, which tend to be more stable and long-term, have an impact on the sustainability of Bitcoin prices at high levels.

"When institutions start investing in Bitcoin, they bring greater liquidity and legitimacy to the crypto market. This is proof that Bitcoin is increasingly accepted by mainstreamers and not just speculative assets," Oscar explained.

As the largest digital asset trading platform in Indonesia, INDODAX reminds investors to remain careful in investing and consider the risks that exist due to the volatility of the crypto market. INDODAX continues to be committed to providing easy access to digital assets and ensuring security and transparency in every transaction for users.