Bitcoin passes $20,000 AUD per coin for the first time since January 2018

Bitcoin exceeded $20,000 AUD at 9pm on Saturday 31st October on local digital currency exchange CoinSpot.

The last time Bitcoin traded at this value was January 2018.

The increase in Bitcoin’s value has occurred in the same year as the most recent Bitcoin ‘halving’ which occurred earlier in May.

A Bitcoin halving event is when the reward for mining Bitcoin transactions is cut in half. This subsequently reduces the rate at which new Bitcoins enter circulation. Whilst past performance is no guarantee of future results, Bitcoin has historically increased in price following a halving event.

“Bitcoin appreciation has been exceptionally strong this year, almost doubling in value since the start of the start of 2020, and up around 160% since its March low,” said CoinSpot CEO Russell Wilson.

“CoinSpot has seen interest from its customers in Bitcoin and other cryptocurrencies reach its highest level since 2017. More Australians than ever before have now purchased digital currencies and we continue to see strong demand and customer growth,” Wilson added.