One bitcoin will now set you back R1-million. The world’s largest cryptocurrency crossed this line for the first time on Tuesday, pushed higher by an uptick in the value of bitcoin and rand weakness against the US dollar.
Pricing on VALR.com, a local cryptocurrency exchange, topped R1-million in early evening trading on Tuesday before falling back to around the R980 000 mark by 9.30pm, data published on its website showed.
Pricing on VALR reached R1 005 355 at its peak at around 6pm South African time.
The extraordinary rise in the price of bitcoin this year — in both rand and dollar terms — comes as demand soars on the back of global inflation worries and cryptocurrencies’ growing acceptance as an investment asset. Bitcoin is increasingly being viewed as “digital gold”, and a possible safe haven asset in times of inflation.
Bitcoin was last trading at US$63 515.86, according to CoinDesk pricing. It reached a peak earlier in the day of $64 292.82, not far off its all-time high of $66 974.77 set last month.
Some technical analysts have suggested that bitcoin could top $90 000 or even $100 000 by the end of the year, which, at the current rand/dollar exchange rate, would push the price of bitcoin above R1.5-million. — (c) 2021 NewsCentral Media