This is the reason the Bitcoin price can print the highest record

JAKARTA, KOMPAS.com – Crypto currency value (cryptocurrency) Bitcoin had touched a figure of more than IDR 270 million per chip. This figure touched the highest price in history.

Overall, the increase in Bitcoin prices throughout 2020 was 170 percent. In early 2020 Bitcoin was sold for around Rp. 99 million.

After falling due to the impact of Covid-19 to Rp.65 million in March 2020, the price of Bitcoin slowly rose again until it finally broke through the highest level.

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Indodax CEO Oscar Darmawan said the jump in Bitcoin prices to almost touch the highest figure was due to high demand. Currently, many global people understand Bitcoin as a protective investment asset in the midst of a pandemic crisis.

“People understand that Bitcoin is a safe haven asset. In addition, many people think that Bitcoin is present as a new asset that can act as an inflation hedge, “Oscar said in a written statement, Friday (5/12/2020).

Oscar explained that there are several factors that support the increase in the value of Bitcoin. For example from the PayPal platform, which since last October 2020 has allowed its users to buy and sell Bitcoin.

In addition, a number of large institutional investors have expressed interest in buying Bitcoin. Guggenheim Partners, a Wall Street company, also announced that it has invested 530 million US dollars in Bitcoin.

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In addition, he said, the factor that caused the price of Bitcoin to rise was the level of investor concern that the central bank’s efforts to deal with Covid-19 would trigger inflation. Gold and precious metals are usually used to hedge against this risk.

“This is what keeps the demand trend continuously. The demand is increasing, the price is also increasing, “he said.

He is also optimistic that the Bitcoin price will continue to strengthen and can reach the highest level, which is 20,000 US dollars or Rp.282 million. This is according to predictions written by Bloomberg.

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