Bitcoin Market Capitalization Reaches Rp 600 Trillion

Good news for Bitcoin miners. Cryptocurrency (digital currency) will be increasingly accepted in the real market after a Singaporean startup, TenX, launched a debit card based on digital currencies, including Bitcoin (BTC). This card will make it easier for digital currency owners to spend their funds at shops and restaurants via the Visa network.

According to Coinmarketcap.com, Bitcoin's current market capitalization (as of July 24th) reaches US$45.26 billion, equivalent to Rp 600 trillion (approximately half of Indonesia's government spending of Rp 1,307 trillion). This figure is up 52 percent from Bitcoin's market capitalization on July 15th. Bitcoin's market capitalization is the largest compared to other digital currencies such as Ethereum (US$21.2 billion) and Ripple (US$7.45 billion).

Despite ongoing pros and cons regarding its status as a real currency, Bitcoin's price continues to surge. In 2010, one Bitcoin cost only US$0.08, but now it has reached US$2,739, or approximately Rp 36.5 million per BTC. Throughout 2017, the price of Bitcoin has jumped more than 187 percent compared to its position at the end of 2016, which was US$952 per BTC.