The price of Bitcoin rises again to the level of USD 40,000 or around Rp. 570 million for the first time in the past month.
The increase in the price of Bitcoin to the level of IDR 570 million or USD 40,000 or up 23% over the past week. This is also accompanied by an increase in the price of altcoins, such as Ethereum and others.
Previously, Indodax Market Signal also stated that this week, Bitcoin is in a rising price trend or in a bullish market.
But, do you know what caused the Bitcoin price to return to that level? And has Bitcoin been forming support and an upward trend in price for a longer time?
Let’s discuss it below.
Bitcoin Rises Because of Elon Musk
One of the reasons Bitcoin has gone up this week is Elon Musk has stated that Tesla will again accept Bitcoin payments.
Elon Musk via his twitter post stated that Tesla will again accept Bitcoin payments. It welcomes innovations and ideas regarding Bitcoin mining or mining which will be developed with more environmentally friendly technologies.
Elon Musk does often make statements that provoke Bitcoin demand. Thus, it affects the price. This time, his statement is a positive statement that supports and encourages innovation from Bitcoin
In his twitter post, Elon Musk stated, Tesla, his automotive company will again accept payments with Bitcoin, if there are energy savings above 50%.
This is very possible to be realised. That means it’s not difficult. Because there will be developers who are ready to welcome it. Because the CEO of Twitter has stated that he is ready to develop environmentally friendly mining. This idea was revealed at the Bitcoin conference in Miami, early last June.
Bitcoin Rises As Miners Agree to Taproot Proposal
In addition, the price increase also occurred due to the agreement of miners around the world, regarding a smart contract from Bitcoin called Taproot. This is his first transformation after 4 years.
Taproot is a Bitcoin proposal that will improve Bitcoin transactions and efficiency. Taproot makes smart contracts cheaper and smaller. Miners around the world agreed on Taproot’s proposal for a Bitcoin smart contract a few days ago.
After the smart contract runs, of course there will be more innovations that are present using Bitcoin in the future.
Will This Support Period Run for a Long Time?
Bitcoin innovations and transformations like this will add to the song in the future. Because Bitcoin adopts blockchain technology which is currently developing and presents many innovations that are efficient, transparent and more secure.
This is certainly one of the reasons that the price of Bitcoin will rise again in the future. In fact, the prediction of the highest price increase of IDR 1.4 billion or even higher, is still possible.
Although, it must be understood, the journey will not be smooth. Bitcoin will rise slowly and will also have time to fall at any time.
