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Bitcoin Hits R2m Spot
The Citizen
|January 21, 2025
RECOVERY: 7-FOLD RISE AFTER 70% SLUMP TO R281 000 IN DECEMBER 2022
Bitcoin (BTC) smashed through R2 million for the first time over the weekend, just hours before Donald Trump's inauguration as US president.
This comes just over three years after BTC broke R1 million. It then fell more than 70% to R281 000 in December 2022.
It's been one-way traffic since then, with a seven-fold increase in price. Trump is seen as more crypto-friendly than the outgoing Joe Biden, and he has signaled his intention to support regulations that will stimulate bitcoin mining in the US.
This could include creating a bitcoin "strategic reserve", similar to the US petroleum reserve which is used as a cushion in emergencies.
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