Jakarta, CNBC Indonesia – Bitcoin scored the all-time highest price ever made in 2017. Today the Bitcoin price has touched US $ 19,850 per coin.
According to Coindesk, Tuesday (12/1/2020), the highest price of Bitcoin in the last 24 hours touched US $ 19,850 per coin or the equivalent of Rp. 277.9 million per coin. The all-time high Bitcoin treasure previously touched the US $ 19,600.
Currently the price of Bitcoin has dropped to US $ 19,584 or print cuan US $ 1,050.7 per coin in the last 24 hours. Since the beginning of this year Bitcoin has given a yield of 174%.
The increase in the price of Bitcoin is expected due to the entry of institutional investors into the cryptocurrency market. Square and PayPal, two payment finteches, have purchased Bitcoin at the request of their customers.
For Off the Chain Capital hedge fund Head Investment Brian Estes, the increase in the price of US $ 18,000 to US $ 100,000 in a year is not a difficult thing to happen to Bitcoin.
“I’ve seen bitcoin go up 10X, 20X, 30X in a year. So, going up 5X is not a big problem,” said Brian Estes as quoted by Reuters.
Brian Estes estimates Bitcoin could reach US $ 100,000 to US $ 288,000 by the end of 2021, using the stock-to-flow ratio method that measures the scarcity of commodities like gold. That model, he said, has a 94% correlation with Bitcoin’s price.
Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could go up to US $ 318,000 by the end of next year, in a report to institutional clients.
(roy/miq)
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