Bitcoin’s value soared to over 2 million baht on the Bitkub digital asset exchange, as global prices reached an all-time high of US$59,000 yesterday afternoon. This surge is due to the institutional acquisition of spot Bitcoin exchange-traded funds (ETFs) and a growing interest in cryptocurrency among retail investors.

 

Udomsak Rakwongwan, co-founder of decentralised derivatives platform FWX, and Mathematics lecturer at Kasetsart University, highlighted the impressive increase in Bitcoin’s value, which has nearly tripled in a year, ahead of the anticipated halving in April, reported Bangkok Post.

 

According to Udomsak, the industry is currently in a pre-halving recovery stage. He noted that the trend has remained consistent throughout Bitcoin’s existence.

 

“Conversations with industry leaders at many global crypto events I attended reveal a consensus on market recovery timelines and behaviours. This has resulted in strategic Bitcoin accumulation and increased marketing expenditures by crypto giants, both of which amplify demand.”

Udomsak pointed to the likelihood of an increased money supply and potential economic stimulus in the US, particularly ahead of the next presidential election in November, as factors that could boost Bitcoin’s value further.

 

BlackRock and Fidelity, among the world’s largest mutual fund companies, have accumulated over US$12 billion in Bitcoin ETFs. Udomsak identified this steady inflow as a sign of strong confidence from traditional and institutional investors in Bitcoin’s future.

 

Retail investor interest

 

JPMorgan Chase, a global investment bank, attributed the recent surge in popular cryptocurrencies such as Bitcoin and Ethereum to a revival of retail investor interest.

 

“The revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network, and the prospect of approval of spot Ethereum ETFs by the US Securities and Exchange Commission in May.”

 

These strategists highlighted recent reports from Paypal, Block Inc., and Robinhood Markets Inc., which showed a net increase in Bitcoin purchases by their customers in the fourth quarter of 2023. This rise in retail activity coincided with Coinbase, a major US crypto exchange, reporting its highest quarterly Bitcoin trading volume in two years.

Bitkub Capital Group Holdings noted that the cryptocurrency market capitalisation has skyrocketed to over US$1.8 trillion. Investors were warned to exercise caution with Bitcoin investments due to the rapid price increase.

 

Udomsak observed that the ideal buying opportunity before the halving has already passed, but the pattern suggests potential growth in the post-halving year. He warned, however, that the impact of each halving lessens as the number of investors increases.

 

by Alex Morgan 

PHOTO: Bitcoin via Unsplash

 

Source: The Thaiger 2024-02-29

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

 

$59k was not the all time high for BTC...

Way too late to get into the game.....

8 minutes ago, flyingtlger said:

Way too late to get into the game.....

 

why ? 

10 minutes ago, QuantumQuandry said:

$59k was not the all time high for BTC...

 

how dare you let facts get in the way. 

Love me some BTC.

Pure speculation, another balloon filled with air. 

26 minutes ago, FritsSikkink said:

Pure speculation, another balloon filled with air. 

 

Yes only idiots and malcontents would invest.

Still a good time if you missed the last high. Definitely 100k + by the New Year. 

2 hours ago, FritsSikkink said:

Pure speculation, another balloon filled with air. 

 

jealous much ?

Nice day today.

1 hour ago, NickyLouie said:

 

Yes only idiots and malcontents would invest.

So I am an idiot doubling my investment in just over a year?

20 minutes ago, george said:

Nice day today.

 

George is long.

13 minutes ago, KannikaP said:

So I am an idiot doubling my investment in just over a year?

 

Only if you withdraw it today. 

 

The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. 

3 minutes ago, JeffersLos said:

 

Only if you withdraw it today. 

 

The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. 

Took profits regularly over the year last one being today, and still have my original investment

2 hours ago, FritsSikkink said:

Pure speculation, another balloon filled with air. 

Like everything else, when it's up it's up, when it's down it's down.

2 minutes ago, KannikaP said:

Took profits regularly over the year last one being today

 

Oh no, you missed out. You should have held it all until today. How much profit did you miss out on? 

3 minutes ago, KannikaP said:

Took profits regularly over the year last one being today, and still have my original investment

 

nice.

Just now, JeffersLos said:

 

Oh no, you missed out. You should have held it all until today. How much profit did you miss out on? 

And what were the Lottery numbers on 16th February?

Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot.

55 minutes ago, KannikaP said:

So I am an idiot doubling my investment in just over a year?

You only double it when you have cashed in.

33 minutes ago, Will B Good said:

Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot.

 

Have you seen Our House.......

 

 

34 minutes ago, Will B Good said:

Bought years ago......took original stake out x 2....now playing with house money.....i feel a right idiot.

Exactly what I have done. 

1 minute ago, NickyLouie said:

 

Have you seen Our House.......

 

 

Silly Nikki.

1 hour ago, JeffersLos said:

 

Only if you withdraw it today. 

 

The price you buy and the price you sell are the only prices that matter. Until you sell, you've doubled nothing. 

 

You don't sell bitcoin.  Unless you are a trader buying low and selling high so you can buy back in on the pullback to acquire more BTC. 
 

4 hours ago, NickyLouie said:

 

Yes only idiots and malcontents would invest.

well this idiot just sold his BTC and made US $25k profit.

1 hour ago, Freddy42OZ said:

 

You don't sell bitcoin.  Unless you are a trader buying low and selling high so you can buy back in on the pullback to acquire more BTC. 
 

You DO sell if you need/want a quick source of income, like for example medical treatment. 

33 minutes ago, KannikaP said:

You DO sell if you need/want a quick source of income, like for example medical treatment. 

 

it's not like you sold your cumrocket.

44 minutes ago, stoner said:

 

it's not like you sold your cumrocket.

True. It works better than Trident!