Bitcoin (BTC) prices has breached the RM400,000 mark in Malaysia, marking a new all-time high for the digital asset dubbed “digital gold”.

The cryptocurrency has been on a relentless run throughout 2024, resulting in about a 97.49% year-to-date increase in Ringgit terms. Bitcoin prices have consistently trended upward, reaching new peaks at various points this year: RM200,000 in February, RM347,000 in March before a slight drop and scaling back to the RM330,000 mark in June, and now the astonishing RM400,000 mark.

This latest surge came shortly after the US elections on 5 November, as the cryptocurrency market reacted to President-elect Donald Trump’s support for cryptocurrencies and, to a lesser extent, the recent rate cuts by the US Federal Reserve and the Bank of England.

In his election manifesto, Trump has committed to more favourable regulations for cryptocurrency, which also included creating a strategic Bitcoin reserve for the US and boosting domestic Bitcoin mining.

Though Bitcoin prices reached several record highs in US Dollar terms last week, it only achieved an all-time high in Ringgit terms on November 11, due to the forex factor between the US Dollar and Malaysian Ringgit. The strong Ringgit meant that Bitcoin prices in MYR did not scale to the same heights as its price in USD. In fact, the last all-time high for Bitcoin in MYR on Luno was RM347,000 back in March 2024 (where the exchange rate was approximately RM4.73 : 1USD).

According to local digital asset exchange Luno, the latest peak is a landmark moment that underscores the growing acceptance and adoption of digital assets globally. It also signals a broader trend of investor confidence in cryptocurrency as an alternative asset class.

Bitcoin and various other digital assets are widely acknowledged as highly volatile assets, and have seen a series of ups and downs since the previous bull run back in 2021. Over the past few years, Bitcoin’s price has also plummeted down to as low as US$16,000, pressured by scandals like the saga of the Luna and TerraUSD digital assets, as well as the collapse of the crypto exchange FTX. 

• TAGS:
• Bitcoin
• Cryptocurrency
• Luno
• Luno Malaysia