Why Does the Price of Bitcoin Keep Going Up?

By Syachrodi | InfoByte | 25 Feb 2021

The value of this most popular cryptocurrency, Bitcoin (BTC), was at $51,992 USD for its commencement on February 18, 2021. This figure also set a record for the highest price in the history of bitcoin.

For information, the price of bitcoin also fell at $5,321 USD on March 18, 2021. This is due to the impact of the covid-19 pandemic that is taking place around the world.

So, why can the price of bitcoin be as expensive as it is now?

According to Indodax CEO, Oscar Darmawan said that the high price of bitcoin is due to the high market demand for bitcoin. Nowadays bitcoin is widely used as an investment asset in the midst of the pandemic crisis.

"People understand that Bitcoin is a safe haven asset. In addition, many people consider that Bitcoin comes as a new asset that is capable as an inflation hedge," Oscar said in his written statement, Friday (5/12/2020).

Other influences such as the growing number of companies that accept bitcoin as a means of payment. For example, PayPal which in October 2020 has allowed its users to buy and sell bitcoin.

In addition, a number of large investors who began to glance and invest in cryptocurrency such as bitcoin also influenced the price of bitcoin in the market.

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