Bitcoin Investors Still Down 55% This Year

Bitcoin's price closed at US$6,460.38 per coin on Tuesday (October 16th), a 1.09% increase from the previous day's close. This marks the third consecutive increase since last weekend. Amidst global uncertainty, investors are trying their luck by investing in this cryptocurrency. According to Bloomberg data, Bitcoin traded at US$6,449.1 or approximately Rp 97.7 million per coin on Wednesday (October 17th), down 0.17% from yesterday's close.

Although the price of the cryptocurrency introduced by Satoshi Nakamoto has increased, investors holding Bitcoin are still experiencing a 54.85% loss year-to-date. This is because Bitcoin reached US$14,310 per coin at the end of last year. Investors who bought the digital currency at its highest level of US$18,674 on December 18, 2017, are still down over 65%. Bitcoin's current market capitalization reaches Rp 1,760 trillion, exceeding Indonesia's government tax revenue, which is only around Rp 1,600 trillion.

Many countries do not recognize Bitcoin as legal tender, and frequent hacking incidents in Bitcoin mining have triggered the cryptocurrency's decline. Furthermore, the lack of underlying assets makes Bitcoin unacceptable to conventional financial systems.