Bitcoin at a new high level: "Like a magnet"

The cryptocurrency bitcoin has for the first time surpassed 100,000 dollars per bitcoin during the night. When you approach such special levels, it becomes almost like a magnet, says Johan Javeus, senior economist at SEB.

» Published: December 05 2024

Bitcoin at a new high level: "Like a magnet"
Photo: Anders Humlebo/TT

The bitcoin price was at its highest in the early hours, around $103,800, and by 7 am, the exchange rate was fluctuating around $102,500.

The entire cryptocurrency market has grown by $1,300 billion since Donald Trump's victory in the US presidential election on November 5. Bitcoin has risen by 51 percent since then.

According to Johan Javeus, senior economist at SEB, who follows the cryptocurrency industry, among other things, it was only a matter of time before the cryptocurrency would reach the hundred-thousand-dollar mark.

Impossible to know

When you approach such special levels, it becomes almost like a magnet, so which day nobody knew, but that it would happen was in the cards, he says.

Will the exchange rate continue to rise?

It's always an impossible question to answer. The journey has been upward since the start, but with large falls in between. Much depends primarily on how the new administration in the USA chooses to treat this industry and this type of asset.

The fact that crypto is rising generally is because Trump already announced last summer that he wants to make the USA a global cryptocurrency hub. Last night's specific rise is because financier and outspoken cryptocurrency advocate Paul Atkins was nominated as the new head of the US financial supervision SEC on Wednesday.

Trump has promised to fire the current SEC chief Gary Gensler, who has taken a hard line against the cryptocurrency industry, on his first day in the White House.

Johan Javeus describes bitcoin as "an asset with very high risk".

It's enough to look at how much prices move, both up and down. It can go up by 30 percent in a month and then fall just as much in an even shorter time. You have to be aware of that volatility when investing in this type of asset, he says.

Warns of money laundering

Finance Minister Elisabeth Svantesson (M) is most concerned that the cryptocurrency can easily be used for money laundering.

Does she think the currency should be regulated more strictly.

If it grows and becomes even bigger, it can certainly affect financial stability, but we're not at those levels yet, she says.

Bitcoin, which is the largest cryptocurrency, started 2024 at exchange rates around $42,500 per bitcoin after having been down at levels around $15,000-$16,000 during 2022-2023.

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By TTThis article has been altered and translated by Sweden Herald

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