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The high interest in crypto assets or cryptocurrencies in recent times has made the trend of crypto prices continue to rise.
Like Bitcoin, now the price has reached 52,493 per US dollar, or around Rp. 734.9 million (exchange rate of Rp. 14,000 per US dollar). The value of the most popular crypto has risen by more than $ 20,000 since the start of 2021.
Capital Futures analyst Wahyu Laksono said, there are a number of reasons why crypto is increasingly in demand as an investment instrument. Among them, increased distrust of official currencies or fiat money.
He said the value of fiat money would continue to be eroded by inflation. This makes many people compete to invest their funds in non-money economic assets to avoid reducing their value.
"(Crypto) is a new alternative. Fiat money is eroded by inflation, how come the value is getting richer, the less valuable it is," said Wahyu to Kompas.com, Friday (19/2/2021).
Although gold can also be an investment instrument to avoid inflation, he assessed that many people are still attracted to crypto because of its efficient nature, which does not require storage space like gold.
"Gold has physical properties and needs storage, it may be less efficient. Crypto is also an asset like gold but the advantage is that it is technologically more efficient, unbank, connected and open," he explained.
However, Wahyu admitted, the weakness of crypto is recognition by the authorities in each country. Many countries reject crypto, either as an investment asset or a means of payment.
But with the character of crypto based on high technology (hi-tech), he continued, countries that refuse will not be able to stem the development of crypto.
"If technology is applied. Then what is the importance of legitimacy? After all, the important thing is function, effective, efficient. Not legitimacy does not mean illegal," he said.
On the other hand, many countries have approved crypto transactions. Like Indonesia as an investment instrument, or Japan and the United States, which even legalize crypto as a means of payment.
Wahyu said, based on these factors, it is not surprising that many large investors, both companies and individuals, put their funds in crypto.
Tesla CEO Elon Musk, for example, continues to popularize various types of crypto through his Twitter account. He will even make Bitcoin a legal means of payment for the needs of Tesla electric car transactions.
"The increasing distrust of fiat money and the impact of technological advances, with all of this, many people are turning to crypto," he concluded.
