Bitcoin hits record high, surpasses R2 million
Bitcoin (BTC) hit a new all-time high of $111,534 (R2,010,914) on Thursday.
Christo de Wit, South Africa country manager at Luno said this demonstrated an increasing independence from traditional financial markets.
On 11 March 2025, Bitcoin was trading around $109,000 (R1,743,420) on Luno.
'The timing of this milestone is particularly symbolic, coinciding with the 15th anniversary of Bitcoin Pizza Day.'
ALSO READ: Bitcoin eyes R2 million (again)
Bitcoin hit all high
De Wit added that on 22 May 2010, developer Laszlo Hanyecz famously paid 10,000 Bitcoin for two pizzas, a transaction worth more than $1.1 billion at today's prices, highlighting Bitcoin's extraordinary appreciation more than the past decade and a half.
'The new all-time high comes as global cryptocurrency market capitalisation reached approximately $3.48 trillion, reflecting a 2.32% increase more than the past 24 hours, while traditional equity markets experienced downward pressure with the S&P 500 declining 1.61%.'
New price peak Bitcoin Exchange-Traded Funds (ETFs)
He added that the Bitcoin rally has triggered substantial institutional interest, with Bitcoin Exchange-Traded Funds (ETFs) recording more than $607 million in inflows following the new price peak.
This institutional adoption signals growing confidence in Bitcoin as a legitimate asset class among professional investors.
'This decoupling from traditional equities is particularly noteworthy.'
ALSO READ: Bitcoin crashes. Is it still worth it? Is Donald Trump to blame?
What does it mean for South African investors?
De Wit said that for South African investors, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool, particularly as global economic conditions continue to evolve.
'The broader cryptocurrency market is benefiting from Bitcoin's momentum, with altcoins also posting gains.
'This latest peak occurs against a backdrop of ongoing concerns about potential US debt downgrades and legislative uncertainty around President Donald Trump's proposed tax bill. These factors have weighed on traditional equity markets.
'The divergence between crypto and stock performance suggests that digital assets are increasingly viewed as alternative stores of value during periods of traditional market uncertainty.'
NOW READ: Luno impersonation scammers suck R700k from victim
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