A number of crypto enthusiasts thinking that bitcoin prices reacing RM1mil ($288) range by the year’s end is possible.
The creator of the notorious stock-to-flow model (S2F), Plan B has recently detailed that the price of bitcoin has surpassed the S2F model price by a great 26%. Plan B’s stock-to-flow model or known as S2F is a popular chart that measures the existing number of BTC in circulation (stock) and pairs it against the number of issued coins minted during mining (flow).
Many crypto enthusiasts believe in the Ss2F model as it is so far has been fairly consistent. So, the prediction of bitcoin could rise to RM1 mil by this year is possible.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets thinks that bitcoin will eventually rise to become the global reserve currency. He said bitcoin will eventually be much larger than the gold market cap.
“Bitcoin could hit $500,000 by the end of the decade, and eventually go on to reach $1 million per coin.”
Is bitcoin legal in Malaysia?
According to Bank Negara Malaysia, Bitcoin is not recognised as legal tender in Malaysia. The Central bank does not regulate the operations of Bitcoin and the public is advised to be cautious of the risks associated with the usage of such digital currency.
The Malaysian government has announced that cryptocurrencies will not be banned. However, the government does regulate digital asset exchanges as in the platforms that the public can use to trade Bitcoin and other cryptocurrencies. Any digital asset exchange that wants to operate in Malaysia has to comply with a set of regulations issued by the Security Commissions of Malaysia.
Cryptocurrency is the next big thing and you should start investing in bitcoin
Currently, there are three cryptocurrency exchanges recognised by the Security Commission of Malaysia:
- SINEGY
- Tokenize Technology
- Luno
Beside these three, you can try Binance and eToro – international exchanges. International exchanges have more altcoins for you to choose from.
To get started, you just need to sign up to one of the exchanges. Follow all the instructions to verify your identity and set up your profile.
Then, choose your preferred payment method such as bank transfer or credit card. Next thing is buy cryptocurrency and store it in your wallet or trade it.
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