Bitcoin prices set a record high on Tuesday (13/4) with an achievement of IDR 938 million per coin. Meanwhile, initially, Bitcoin appeared to have a price of less than 1 US dollar per coin in 2010. If it is currently converted to only around Rp. 14,000.
The achievement of the cryptocurrency record is in fact not going to end in the near future. Bloomberg in a monthly report entitled "Crypto Outlook" published April 6, 2021, noted that Bitcoin will reach a price of 400,000 US dollars or near Rp. 5.8 billion per coin by the end of 2021.
Reported by Nasdaq, Bloomberg is not arbitrary in analyzing the increase in the price of Bitcoin, there are several points of information used. First of all, the analysts went through a series of calculations on Bitcoin's history, tracking the totality of its value tendency to increase, in addition to other factors such as liquidity, volatility, the amount of Bitcoin mining subsidies reduced and more.
While Bloomberg has analyzed fairly up-to-date information to back up its predictions, there are broader aspects that could lead to a Bitcoin price spike in 2021. Those aspects are the COVID-19 pandemic that has had a considerable impact on a variety of more traditional financial legacies.
Bitcoin's protracted development, even though the economy is still faltering, has made larger institutional investors turn around. They choose to keep their money in Bitcoin because they are looking for a high yielding legacy amid low interest rates.
Big companies like BNY Mellon, Mastercard Inc and Tesla Inc are among those that have accepted or invested in crypto money. As a result Bitcoin gains greater value and confidence.
Bloomberg analysts also claim that currently the proportion of Bitcoin holders to sell is much lower than usual. They are more likely to refrain from selling and keep putting, so the costs soar.
Bitcoin's uncontrollable success took over gold as a financial legacy faster than expected. Gold and valuable messages have been left behind, let alone sluggish before the COVID-19 pandemic. As a note these two relics have previously shown strength, but Bitcoin is growing prolific due to the volatility of conventional currencies.
Keep in mind, all these predictions are just speculation. However, the price of Bitcoin is currently enjoying a long period of success and can go through some depreciation.
Hello. Please edit your "drum" and add a working link to it. Your link is not clickable.