Bitcoin Price Breaks Rp1 Billion Mark in Early March 2024

Based on Yahoo Finance data, as of 7:15 PM WIB on March 4, 2024, the price of Bitcoin has surpassed US$65,149.41.

Converted to Indonesian Rupiah, the price of this cryptocurrency reaches Rp1.03 billion per coin (assuming an exchange rate of Rp15,744 per US$).

This price marks the fifth highest record in Bitcoin's history.

Its peak record was on November 8, 2021, when its price reached US$67,566.83.

The second highest record was reached on November 9, 2021 (US$66,971.83), the third on October 20, 2021 (US$65,992.84), and the fourth on November 14, 2021 (US$65,466.84).

After its heyday in 2021, Bitcoin's price plummeted until the fourth quarter of 2022. However, since 2023, its price has been rising again, and has jumped significantly since the beginning of 2024, as seen in the graph.

According to Reku, a cryptocurrency trading application company in Indonesia, the increase in Bitcoin's price at the beginning of this year is supported by two main factors.

First, there was a net inflow of US$6.1 billion into several Bitcoin Exchange Traded Funds (ETFs). ETFs are investment instruments similar to mutual funds, where investors entrust their funds to a third party for management in the cryptocurrency exchange.

Second, the American software company, Microstrategy, purchased approximately 3,000 Bitcoin tokens in February 2024.

"This condition can open up prospects for new investors who want to invest in crypto assets to begin their journey. Because, Bitcoin's performance shows that cryptocurrency assets can not only be used as a complement, but also as a diversification option to optimize potential returns," said Reku's Crypto Analyst Fahmi Almuttaqin in his press release (28/2/2023).

"Existing investors can also take advantage of this momentum to diversify their crypto assets into a number of other coins that have the potential to also increase due to the rise in Bitcoin's price," Fahmi added.

However, Reku cautions investors to remain vigilant in monitoring the market.

"Investors are urged to always consider all investment decisions with in-depth research and wise consideration, and of course, to use cold money to invest," said Fahmi.