Since the inception of the Bitcoin in the early 2009, it has seen a tremendous increase in price over a relatively shorter period unlike some of its digital currencies competitors. From the lows of a fraction of a dollar to the current price of $1000 plus, the Bitcoin price 2017 is predicted to close at as high as $3000 by end of year. If we take a more recent case of 2016 which apart from the price having been at about $420 at the start of the year, by mid-year it had risen to almost $650. Still, despite being halved, it managed to close the year at almost $970.
Currently, at $1050, Bitcoin price in 2017 has experienced turbulence starting at the highs at about $ 980, getting to the lows of about $846 and highs of $ 1280. With these figures, the Bitcoin price in this year seems to set for newer records. The factors that contribute to this optimism include the following:
- There is the impending hard fork situation, which is likely to favor SegWit. If this happens then, user base and some transactions are likely to increase. The uptake of Bitcoin as a legit financial instrument and as an acceptable mode of payment has also increased leading to many countries and businesses allowing its use. As evidenced from previous years, these factors are likely to boost the Bitcoin price 2017 to new highs.
- Businesses trading in Bitcoin have become legit, licensed and open with big companies like IBM, Dell and Microsoft now embracing Bitcoin. This has legitimized the Bitcoin making more people willing and ready to deal and invest in Bitcoin. With higher demand, the price is likely to go higher.
- Portability, liquidity, and security that Bitcoin provides to investors have also increased the appetite for people to own Bitcoin. This has led to increasing demand that will see prices surge as more and more people take up the Bitcoin, and as a result less people are selling bitcoin for cash now. Countries like China, which has tight financial restrictions and controls on its capital outflows have led to increasing in people who are taking up the Bitcoin as an alternative to hard currency. As these continue, Bitcoin price 2027 is likely to increase.
- The world financial and economic stability is always uncertain, and since it has pegged to mostly gold whose price keep fluctuating, many investors may opt for digital currencies. The Recent acceptance of Bitcoin into the mainstream into places like stock purchases with clear regulations has and will lead to higher uptake and legitimization of the Bitcoin, which will eventually raise Bitcoin price 2017.