Bitcoin Market Capitalization Reaches Rp 2.250 Trillion

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28/11/2017 16:51 WIB

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Top 10 Cryptocurrencies by Market Capitalization (November 28, 2017)

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Top 10 Cryptocurrencies by Market Capitalization (November 28, 2017)

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Limited supply coupled with increasing demand has driven the price of Bitcoin to near US$10,000. As a result, the market capitalization of Satoshi Nakamoto's cryptocurrency continues to climb. The price of Bitcoin in 2017 has increased by 947 percent to US$9,977 from US$952 at the end of 2016.

Data from coinmarketcap.com shows that Bitcoin's market capitalization has reached US$166.7 billion, or approximately Rp 2,250 trillion at an exchange rate of Rp 13,500 per US dollar. This amount is sufficient to finance Indonesia's government spending of Rp 2,221 trillion. Despite ongoing debate, the price of Bitcoin continues to rise, nearing US$10,000.

Advances in digital technology and global saturation with physical currency have fueled the emergence of digital currencies. Holding a country's physical currency exposes its value to inflation. Holding Bitcoin, however, tends to increase in value.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Bitcoin Market Capitalization Reaches Rp 2.250 Trillion

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Bitcoin Market Capitalization Reaches Rp 2.250 Trillion

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