‘You can buy Bitcoin for as little as R10’

“Over the last month, it’s up 67%,” says Farzan Ehsani. “Over the last year, it’s up 293%. These are dizzying numbers!”

RELATED: Should you buy Bitcoin right now? A handy 3-point checklist…

In November, Bitcoin was trading at just over $15 000.

On Sunday, on the cryptocurrency’s 12th “birthday� – it hit $34 8000 – a new all-time record.

We’ve been here before, and for some this latest rally will trigger a few bad memories.

In 2017, it soared from $1000 to $19 000 before tumbling again to $4000 by the end of 2018.

This time is different, according to many cryptocurrency believers.

© parilovv/123rf.com

They claim the latest surge may be caused by investors protecting themselves against inflation as central banks deal with Covid-19’s economic fallout by print money like there’s no tomorrow.

In fact, about $3 trillion were created since the beginning of Covid-19, some of it finding its way to Bitcoin.

Multinational investment bank JP Morgan says Bitcoin may reach $100 000 by year-end.

Citibank is even more bullish – the gargantuan bank says $300 000 is a realistic possibility.

Refilwe Moloto interviewed Farzan Ehsani, formerly the Blockchain Lead at RMB and now the co-founder and CEO of VALR.com, a crypto trading platform.

At 11:48 AM, Bitcoin was trading at $31 816 (R472 356).

This has been expected for quite some time… A lot of mainstream commentators were talking about the death of Bitcoin. But people in the Bitcoin space have seen this before…

Farzan Ehsani, CEO – VALR.com

You can buy Bitcoin for as little as R10.

Farzan Ehsani, CEO – VALR.com

Over the last month, it’s up 67%. Over the last year, it’s up 293%. These are dizzying numbers!

Farzan Ehsani, CEO – VALR.com

Because Bitcoin is a scarce asset – there’s a limited supply, and central banks can’t create more of it – a lot of people invest in Bitcoin as a safe haven… institutions are now entering Bitcoin… to hold on their balance sheets…

Farzan Ehsani, CEO – VALR.com

Traditionally, gold has been a safe haven… but there’s about $9 billion that’s been leaving gold ETFs. About $3 billion of that has gone into Bitcoin…

Farzan Ehsani, CEO – VALR.com

All gold that is mined in the world is worth about $10 trillion to $12 trillion. All Bitcoin is worth about $500 billion… If all Bitcoins were equal in value to all gold in the world, then you’re looking at a 20-times increase from here…

Farzan Ehsani, CEO – VALR.com

Listen to the interview in the audio below.

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