Bitcoin Reaches New ATH At 103,900 US Dollars, Here's Why!

Bitcoin prices soared at the highest price of all time. (Photo; Doc. TSCFM)

JAKARTA - The price of Bitcoin finally broke the figure of US$100,000 or around Rp1.6 billion on Thursday, December 5, 2024. This is a historic achievement that crypto investors have been waiting for. Based on data from Coinbase, Bitcoin is trading in the range of US$101,000 (Rp1.616 billion) at around 09:45 WIB this morning.

Previously, Bitcoin was repeatedly close to this figure but failed to get past it. This shows the huge potential of Bitcoin in the global asset market, especially in the midst of continued market volatility.

It doesn't stop there, the price of Bitcoin continues to soar again and carves its new all-time high price (ATH) at the level of 103,900 US dollars or equivalent to Rp1.64 billion per coin this Thursday afternoon. This achievement shows that Bitcoin has soared more than 120% since early 2024, when Bitcoin was priced at around $44,000.

Positive sentiment also came from a number of important figures including Vladimir Putin. Last night, at a meeting of Russian investors Calling! Russian President Vladimir Putin mentioned Bitcoin. Bitcoin. Who can ban its use? Nothing, "he said. According to Putin, Bitcoin is a new technology and no one can ban it.

Then, the Fed Chair, Jerome Powell considered that Bitcoin is virtual gold. Powell made this statement at the New York Times Dealbook Summit last night. "People use Bitcoin as a speculative asset, right? It's like gold - it's just virtual, digital," Powell said.

Not only that, the increase in the price of Bitcoin was also triggered by several important factors, including the increasing interest of investors in crypto-based investment products, such as the ETF (Exchange-Trad Fund). In January 2024, the SEC (US Securities and Exchange Commission) finally gave approval for the Bitcoin ETF so that traditional investors could invest in Bitcoin in a safer and more regulated way.

The surge in Bitcoin prices this time has not only affected the crypto market, but has also attracted the interest of big investors. Bitcoin ETF products such as the BlackRock's iShares Bitcoin Trust (IBIT) which just launched received more than $1 billion in funds in November 2024, signaling high demand among big investors.

The increase comes as positive trends have emerged in the crypto market this year, driven by approval of ETF products and growing confidence in Bitcoin as a hedging tool against inflation. Bitcoin, which was originally only used for transactions in the digital world, is now increasingly accepted as a high-value asset, even by large investors.