Cuan! Bitcoin Prices Continue To Skyrocket Through Rp. 500 Million

Bitcoin illustration (unsplash)

JAKARTA - The price of crypto assets, especially Bitcoin (BTC), continues to skyrocket and penetrates IDR 500 million per coin. When calculated on an annual basis (year on year), the price of Bitcoin has increased 400 percent compared to last year.

"Now 2 BTC is equivalent to Rp1 billion. This is good news for Indodax members who save Bitcoin. For members who save more than 2 BTC, they are already billionaires," said Indodax CEO Oscar Darmawan, in his official statement, Thursday, January 7.

Oscar said, Bitcoin is an attractive asset because it has a limited supply. Its supply and distribution can be tracked via blockchain technology, which also makes it easy to move it anywhere as long as there is internet.

For the record, Bitcoin was only created as many as 21 million pieces. Currently, around 18.5 million pieces have been successfully mined.

"If the supply or supply of these assets is limited and the demand continues to increase, then the price will continue to rise as well. This is likened to a rare item that many people want to have. Of course, the price will increase," he said.

Bitcoin current price (Coindesk)

He added, this is the reason people are interested in making Bitcoin an asset for investment. In addition, Bitcoin can be bought or transacted instantly or instantly and Bitcoin is also relatively very easy to sell back so it is very liquid compared to other assets such as property which is very difficult to resell.

Even though it costs hundreds of millions and the limit is limited, Bitcoin can be owned by anyone. This is because Bitcoin can be bought or transacted in decimal fractions up to the smallest fraction of IDR 10,000 like on the Indodax market.

"Bitcoin and crypto tokens can be transacted in decimal, so that it can be purchased for only Rp. 10,000 is also an attraction for Bitcoin which is superior to other assets," he added.

As for the reason for the rise in Bitcoin this time, it is still the same as the previous sentiments. Massive demand is a major factor as people's understanding of Bitcoin continues to increase. People believe Bitcoin to be a safe haven asset and a good inflation hedge.

Coupled with several purchases from large companies in the United States and around the world, such as Tudor Investment Corp, Square Inc, Microstrategy, and others. Apart from that, the financial company, Paypal, also provides a payment feature with crypto assets.

Likewise, financial and banking companies in the United States are allowed to manage crypto assets, including Bitcoin.

"These moments occur throughout 2020. Because these moments create massive demand. The high demand makes the price of Bitcoin continue to increase. Because one of the factors that increase the price of Bitcoin is demand and supply," said Oscar Darmawan.