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Is 2017 The Year Of The Bitcoin?

Currencies / Bitcoin Jun 10, 2017 - 01:36 PM GMT

By: Boris_Dzhingarov

Currencies 2016 was a huge year for Bitcoin. There were not many that predicted that the cryptocurrency was going to double in value. The common prediction was a top point of around $800. With this in mind, what will 2017 hold for BTC?


What is almost a certainty is that in 2017 there will be so many interesting shifts that will appear. As the currency is now starting to be accepted in many online shops, allowing even the buying of domains, the official prediction of so many is that by the time summer ends we will see a price of $2,000 for one Bitcoin. However, after reaching such a high point we should see the price going down a little. This means that a realistic belief would be that the price of a Bitcoin should be between $1,500 and $1,750.

It is worth mentioning that it’s normal to feel reticent when talking about Bitcoin price targets. There will definitely be some pressure appearing by regular currencies in most countries, with influences appearing from South American and Asian currencies. There is a downwards pressure that is put on the flat currencies. To put it as simple as possible, Bitcoin stands out as an interesting put option on the FICC (fixed income, commodity and currency) downward movement. Volatility is something that is strongly connected with BTC so as President Trump takes office and does not really care about macroeconomics, developing nations are going to take advantage.

At the moment we can see the average Bitcoin price at over $1,000. This does seem really high for most people. However, if we are to analyze Bitcoin market capitalization, we only have $16 billion worth of BTC available. Market value of gold is now at around $7 trillion. Mass Bitcoin adoption can easily increase this year with so many projects already announced. This means that by the end of 2017 we should expect a realistic maximum amount value of $1 trillion. Due to all this in around 10 years we should actually expect to see one Bitcoin reaching a value of $100,000. If that would be to happen it means that 2017 will see a rise of Bitcoin to over $2,000.

We can say that based on what type of analysis we want to do, the value of the Bitcoin by the end of 2017 will appear differently. Everything is basically connected to various factors that should be considered. Having Bitcoin double its value every single year is something that is a real possibility if there will be more markets that will adopt the cryptocurrency.

The big problem is that the global economy is now going down. Many nations started what was labeled as a war on cash. People start to thus discover Bitcoin as an alternative that is valuable, a safe haven for economic turmoil. The global digital currency offers exactly what many want: freedom of cash.

The actual Bitcoin problem is scalability issues. The limited mainstream adoption is lower than what was expected and we can say that the Bitcoin community at the moment is divided. Bitcoin is a currency that is just 8 years old. It did go a long way in this time but we are seeing many major obstacles that still have to be overcome.

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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