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As of mid-May, Bitcoin’s price has seen a significant increase, reaching approximately R2.04 million.
The USD price of bitcoin broke above the $100,000 mark this week for the second time this year, coming within a whisker of the all-time high of R2 million set in January this year.
The latest crypto surge follows a period of relative quiet, although the cryptocurrency’s value has been climbing steadily over the past months.
While the recent surge has Bitcoin owners buying Bugattis, experts are advising caution. The cryptocurrency market is well-known for its volatility, and factors like regulatory changes and macroeconomic events can have a drastic and immediate impact on prices of most crypto currencies.
Several recent developments have however contributed to Bitcoin’s recent price surge.
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Pro-Crypto U.S. Administration: The inauguration of Donald Trump as U.S. President has been perceived as a positive development for the cryptocurrency market. Trump’s administration has signaled support for digital assets, which has bolstered investor confidence.
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Institutional Interest: Increased interest from institutional investors has led to higher demand for Bitcoin, further driving up its price.
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Economic Factors: Global economic uncertainties and inflation concerns have prompted investors to seek alternative assets like Bitcoin, often referred to as “digital gold.”
As for South African crypto-investors, the recent price increase presents both opportunities and challenges. The strengthening of Bitcoin against the rand may offer potential gains, but it’s vulnerable to currency fluctuations and market volatility.
While its tempting to cash in now that the price is high, MicroStrategy founder Michael Saylor – whose firm holds 555 450 BTC valued at about $57 billion – forecast a rise to $150,000, while Rich Dad Poor Dad author Robert Kiyosaki is predicting $350,000 with a possibility that Bitcoin might go all the way up to $1 million by 2035.
Crypto analyst PlanB, however, is forecasting a potential for Bitcoin to hit $400,000 before the year is out.
Bitcoin RSI = 69. I expect at least 4 months with RSI 80+, just like in previous bull markets (2021, 2017, 2013). RSI 80+ is associated with monthly returns of 40%+. 4 months of 40%+ return bring BTC from $104k to $400k …
More analysis: https://t.co/9ACtqkNFBv pic.twitter.com/Lkc2ljDAh1— PlanB (@100trillionUSD) May 12, 2025
Moneyweb quotes Faadil Moti, CEO of crypto company 80eight, as saying “Bitcoin is becoming more than just a trade; it’s turning into a reliable store of value. For South Africans, it offers a hedge against a weakening rand and long-term upside.”
According to Moti, it’s now becoming apparent to even sceptical investors that some BTC exposure is becoming necessary to provide some zest to portfolio performance.
They always say the best time to buy crypto is now, but we can’t help but envy the crypto bros who paid $0.10 for a single bitcoin back in October 2010. Fifteen years later, and your R1,81 investment is worth R1.9 million. Not a bad return.
[Source: Moneyweb]
