Bitcoin hits R1 million today 08 November 2021, marking another milestone in a long march of milestones.
When bitcoin broke through R300 000 at the end of 2017, it was deemed a ‘bubble’ waiting for a pin. In 2018, bitcoin indeed dropped 84% before commencing its climb to R1 million.
Bitcoin came within a whisker of R1 million in April this year before dropping more than 50%.
Jon Ovadia, CEO of crypto company Ovex, says the recent rally in bitcoin differs from previous rallies in that much of the buying is coming from high-net-worth individuals (HNWIs), family offices and wealth managers.
“This is a trend we started to see on a smaller scale about a year ago, but it really picked up steam this year,” says Ovadia.