.After setting a record last year, the price of bitcoin has the opportunity to continue its increase in 2021. In fact, the price of bitcoin could shoot up to US $ 100,000 per btc by the end of this year. Quoting the Coin Market Cap page, bitcoin prices were recorded to have increased 275.17% in 2020 to US $ 27,725 per btc. In fact, on December 30, 2019, the price of bitcoin was still at the level of US $ 7,390 per btc.
Cryptowatch co-founder and channel manager of Duit Pintar Christopher Tahir agreed that 2020 would be the year for bitcoin because it managed to provide the largest return. Moreover, when viewed from the lowest price, bitcoin prices have increased by seven times. "The main driving factor is still the same, namely liquidity with the announcement of a US $ 2,000 stimulus to the public in the United States (US) and Donald Trump also gives his blessing, so that sentiment also accelerates the rise of bitcoin," Christopher told Kontan, Sunday (3 / 1).
In addition, currently bitcoin is also accumulated by large institutions such as Grayscale, Paypal, Square (belonging to Twitter), etc. In addition, JP Morgan's upgrade of the bitcoin outlook has helped encourage more and more institutions to enter or make bitcoin their transaction tool. "Is this (bitcoin) a safe haven? I have not looked at it fully, considering that the pandemic has yet to end. But opportunities remain in the future, where people will shift from gold to bitcoin because they see the ease," said Christopher. Apart from being easy to carry, Christopher said, bitcoin is easy to store and quite safe. Plus, the storage costs are still very cheap. He saw, this year 2021 will still be the year of cryptocurrencies. In fact, Christopher considered it quite reasonable if this year the price of bitcoin could reach US $ 100,000 per btc to US $ 250,000 per btc. "Maybe it is too early to provide a fixed number too, because this is only the first week of 2021, but I am quite optimistic that this figure will be achieved by the increasing number of institutions entering," he said.
Christopher added, stock to flow analysis (stock with the number of bitcoins released), tends to decline flat. On the other hand, the supply is running low and has the potential to create shortages. "So in my opinion it still makes sense for bitcoin to enter the level of US $ 100,000 per btc to US $ 250,000 per btc, considering the number of bitcoins released and the bitcoin supply in this world," he explained. Christopher said, currently the number of bitcoins in circulation has reached 18.5 million bitcoins. Meanwhile, the maximum supply of bitcoin is only 21 million. This means that the new bitcoin released 12 years ago and the blockchain was published on 9 Jan 2009, and the first transaction made by Satoshi on 12 Jan 2009 has been circulating quite a lot in just a short time. In addition, the halving day will continue to apply in the future and the scarcity of bitcoin will increase along with the depletion of bitcoin supplies going forward.