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5 Cryptos Held by World Liberty Financial and Goldman Sachs Increases Bitcoin Investment by 90%
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Crypto News - Posted on 05 March 2024 Reading time 5 minutes
DIGIVESTASI - Bitcoin's price movement has broken another record. Earlier this week it was reported that the value of Bitcoin assets reached the equivalent of IDR 1 billion. This condition encourages Bitcoin holders to become new millionaires. Indo-Dax CEO Oscar Darmawan said this situation shows the halving is getting closer. The current value is the highest since November 2021.
"This increase in Bitcoin price is a historic moment for the crypto industry. This price is the highest since November 2021. This has led to the birth of a new generation of "OKB" (new rich class). Because they suddenly became millionaires. " he said. he told Oscar in his statement, Monday (4/3/2024).
Oscar also said, this increase shows that cryptocurrencies are increasingly accepted as investment assets with significant profit potential. He also predicted that Bitcoin's halving will happen in the near future. "According to INDODAX filings, Bitcoin halving will occur in approximately 42 days. The price increase this year could be more than double compared to the previous halving. Currently, the Bitcoin price is at 10 "This figure also exceeds the ATH value of Bitcoin which is IDR 978 million. in November 2021," said Oscar.
Oscar Darmawan also explained that INDODAX itself has experienced three halvings, of which this year is the fourth. "I think halving days are known to cause prices to rise. This is because the supply of Bitcoin is disrupted, leading to increased demand and higher prices. There is a phenomenon called "fear of missing out" that is thought to be related to halving day." "Even if the Bitcoin price rises, there will be a price correction during halving," said Oscar Darmawan.
Influenced by US interest rates
In addition, he said the Bitcoin price increase was also influenced by US interest rates. The US central bank (Fed) is expected to cut interest rates by 75 basis points (bp). "Geopolitical conflicts that disrupt global trade activities have disrupted global supply chains. As a result, the global shipping cost and freight index fell from 50.1 at the end of 2023 to 48.9 currently. This has encouraged investors to turn to Bitcoin in droves," said Oscar. According to him, Bitcoin's rise is usually followed by the rise of altcoins such as Ethereum, similar to the previous halving. This has led to the emergence of altcoin season.
"As the value of BTC increases towards its half, some investors who want to invest but have limited funds may be inclined to switch to buying more affordable altcoins. This will increase the demand for altcoins and drive up their prices." Therefore, investors can also take advantage of this opportunity to increase their profits, he explained.
Investor preparation
He also reminded that in addition to halving, investors must also prepare for the post-halving period by using the dollar-cost averaging (DCA) technique. This DCA method helps investors get the highest Bitcoin price.
Oscar explained that through IndoDax's 'regular investment' feature, it can help investors buy more assets when prices tend to be low and less when prices tend to be high. Therefore, your average purchase price will be lower than if you buy everything at once.
"The public response to this halving is much better than the previous halving. Now, people have started investing in Bitcoin before the halving happens. Usually, people buy Bitcoin during the halving period when the price of Bitcoin is high. "This is one of the consequences of cryptographic literacy becoming increasingly important among the general public," he concluded.
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Source: liputan6.com
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