Thanks to Facebook's Digital Money, Bitcoin Exceeds Rp 142 Million

The weakening of the United States (US) dollar and the emergence of Facebook, Libra's digital money, pushed back enthusiasm for cryptocurrency. Bitcoin has a moment to rise again.

Launching, CNN Business, Monday (06/24/2019), bitcoin was recorded as having touched the level of US $ 10,000 per coin or equivalent to Rp 142 million (Rp. 14,200). That level is the highest price in a year

Cryptocurrency itself is known for its volatile prices. Between late 2016 and 2018, investors watched bitcoin jump from just a few hundred dollars to more than $ 20,000, eventually falling back.

Then, on Friday night, the price of bitcoin reached US $ 10,000 for the first time in more than a year, according to Coinbase. The strengthening of bitcoin was driven by a weakening US dollar and the launch of a new digital currency with Facebook, Libra.

Digital currencies also get a glimmer of hope. US Federal Reserve Governor Jerome Powell and Bank of England Governor Mark Carney signaled that the central bank must be open-minded about crytpocurencies.

The signal can also be interpreted as the existence of further regulation, which is likely to lead to reduced volatility for bitcoin and more legitimacy on global financial markets.

Libra itself has a market of 2 billion Facebook users to crypto. When cryptocurrency becomes more common, more people might start using it as a payment method.

But if Facebook understands, the emergence of Libra can actually hit bitcoin instead of actually helping it. Consumers may prefer stable coins such as Libra rather than bitcoin and other cryptocurrency that have experienced dramatic price changes.

Some fear that a dramatic surge in bitcoin will ultimately frighten long-term investors. As is known, bitcoin has surged almost 170% from just under $ 3,700 by the end of 2018.

"Bitcoin's appeal is still too limited for average investors. Very risky and extreme volatility," said Paul Markham, global equity portfolio manager at Newton Investment Management. source

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