One bitcoin now costs R1-million, nearly equalling the record high price (in rand terms) set in November 2021, when the US dollar price of the token was around $65 000.

Because the rand has weakened significantly since then, bitcoin has breached the R1-million mark even though it is still trading well below its record high of almost $69 000 on 10 November 2021.

Bitcoin was changing hands on Ovex, a South African-founded cryptocurrency exchange, at a fraction over R1-million shortly after 2.30pm on Wednesday. It last breached that level on 2 November 2021. It was trading slightly below R1-million on other exchanges such as VALR and Luno, where it was last quoted at about R997 000, and Altify, where it was changing hands at R996 000.

News of the bitcoin’s ascent through R1-million comes on the same day that the largest cryptocurrency’s market capitalisation – the total of all coins in issue – climbed through $1-trillion following the approval by the US Securities and Exchange Commission of the first bitcoin exchange-traded funds.

The price of bitcoin may also be climbing ahead of the next “halving” event, expected in mid-April. Halvings, where rewards paid to bitcoin miners are cut in half, have historically served to boost the value of bitcoin, sometimes significantly. – © 2024 NewsCentral Media