Bitcoin Price Prediction two thousand seventeen – Will Bitcoin Reach $3000?
Bitcoin Price Prediction for two thousand seventeen
The following article represents the opinion of its author and does not constitute as investment advice. Bitcoin is a very volatile currency and you’re putting your capital at risk when investing in it (just like any other investment).
2017 will be upon us soon enough, so it should come as no surprise that many bitcoin experts are looking ahead to the upcoming year. Given that bitcoin has built in features to encourage its price to rise over time, and given the growing acceptance of both non-government currencies and digital currencies, there are slew of reasons to be optimistic.
Understanding the anti-inflationary features of bitcoin is essential to understanding its price. Bitcoin’s price back in May weighed in at “only” about $450. In the run up to the fresh supply for mined blocks being cut in half bitcoin’s price began to rise, violating the $750 mark in mid June. Bitcoin’s price has declined a bit since, but is still about $600, far higher than it was earlier this year.
The Bitcoin prize for mining won’t be halved until early July in 2020. Regardless, the bitcoin’s price will likely proceed to trend up through 2017. This doesn’t mean that bitcoin won’t suffer setbacks, but the overall trend line will likely point up through 2017.
Bitcoin Use Likely To Increase Dramatically in 2017
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Juniper Research, a respected research hard, predicts that bitcoin transactions will triple in 2017, reaching $92 billion dollars. Juniper notes several factors that should encourage the enlargened adoption of bitcoin in two thousand sixteen and through 2017, including the fragility of the Chinese economy, the Brexit vote and on-going issues in Europe, including high unemployment and bad public finances, and numerous other issues.
As national governments proceed to fight and the global economy is exposed to high risks, it’s likely that an enhancing number of people will look to bitcoin and other alternative currencies/investments. Bitcoin has taken on the mantle of a “safe haven” investment, due to the fact that it is free from government interference, and that supply is limited. Governments can increase money supply at pretty much any caprice, thereby decreasing the individual value currency units. Bitcoin’s supply, on the other arm, is already set and cannot be switched.
If the global market grows more turbulent in the months ahead (which is fairly likely), people may commence ditching their traditional currencies in favor of bitcoin. This will lead to enlargened use of bitcoin, and as more people use the currency, request for it will rise, and prices along with it.
Bitcoin Price Predictions for 2017
Daniel Masters, a co-founder at the multi-million dollar bitcoin hedge fund, predicts that bitcoin will hit $Four,400 by the end of 2017. Masters believes that bitcoin adoption will proceed to increase, and more companies will accept it as payment. This enhanced adoption will be propelled investments in blockchain technology.
Alan Donohoe, the founder of the Bitcoin Association of Ireland, made a more down to earth prediction earlier this year, suggesting that bitcoin will rise to about the eight hundred pound mark. This would put bitcoin up above the $1,000 USD mark, a price point that bitcoin last approached (and in some cases broke) back in 2013.
SpectroCoin CEO Vytautas Karalevicius argues that bitcoin transactions will increase ten times. If this proves to be accurate, Karalevicius believes that bitcoin will rise to about $1800 to $1900. This is based on the correlation inbetween bitcoin turnover and price that we’ve generally seen so far.
Banker Predicts $600 for 2016, Doubling in 2017
At the beginning of the year an analyst with Wedbush Securities, Gil Luria, predicted a price of about $600 in 2016. As of right now, Luria’s prediction is pretty much spot on as bitcoin has been trending at about $600 dollars over the past several weeks. Luria believes that bitcoin will proceed to grow as a transaction medium, another prediction that largely emerges to be correct.
For two thousand seventeen Luria predicts that bitcoin’s price will once again dual. In fact, Luria believes that bitcoin’s price will essentially dual all the way up until 2025, which would mark an increase of Four,500%! If this prediction turns out to be correct, investors could generate massive comes back.
Three Factors That Could Spur Bitcoin Growth
Vinny Lingham, the CEO of Civic, predicts that bitcoin could hit $Three,000 in 2017. Lingham’s predictions are especially notable because he’s made a name for himself by being willing to state contrarian views, and has accurately predicted drops in bitcoin’s price. Now, however, Lingham believes that the remainder of two thousand sixteen and two thousand seventeen will be very good years for bitcoin.
Lingham’s prediction comes down to three factors. Very first, venture capital investments in bitcoin and blockchain technology have now topped a billion dollars, and as more companies invest, use and acceptance of bitcoin will likely increase. 2nd, a “short squeeze” may be forming as people who have shorted bitcoin may be compelled to buy bitcoins to repay their brief bets. Third, bitcoin will proceed to love natural inflation due to its limited supply.
Lingham also suggests that an arms race could breakout as governments determine to begin to buy up bitcoin. So far, most governments have shied away from bitcoin, but as adoption increases, they may get into the game. Go
An Significant Caveat: Experts May Make Self Serving Predictions
Many of the predictions made above are coming from people who have self-serving interests, and would benefit greatly if bitcoin abruptly enhanced dramatically. While many of the experts may be making fair predictions, we can’t rule out that some may simply be attempting to deepthroat hot air into the market to fever things up.
In some more extreme cases, “experts” have predicted that bitcoin could hit $35,000 or more in the near future. This, however, seems unlikely. By making such massive predictions, however, people can stir up the pot and maybe bolster markets, all while ensuring that their name gets passed around.
Violating the $1,000 Dollar Mark Is Very Possible
Most experts are predicting that bitcoin will break $1,000 in 2017. This would mean that bitcoin’s price may actually dual from where it is trading at right now. Such comebacks would present an extreme amount of growth. Such comebacks are also very plausible.
There are several key factors at play. Very first, the global economy is on tenuous grounds, and bitcoin is a safe haven currency/asset. If the global economy does hit a rough patch, which is very plausible, then bitcoin and other safe haven assets and currencies will love a boost.
2nd, many governments, including Japan and the Eurozone, have been engaging in quantitative easing. This means that they are enlargening their money supply by creating money and buying up fresh assets. This increases inflation and encourages people to invest in things like bitcoin.
Third, an enhancing number of companies, and especially retailers, are taking interest in bitcoin. Others are also interesting in blockchain technology. As interest grows, adoption will spread, and as more people use bitcoin, prices should increase.
So while $Five,000 and other numbers are perhaps a bit overly optimistic, $1,000 seems very reasonable. And if a major event does unfold, such as a global recession, or a major company like Amazon announcing that it will accept bitcoin, who knows those $Five,000 dollar predictions might not look so overzealous after all.
If you have any thoughts about Bitcoin’s price for two thousand seventeen I would love to hear them in the comment section below.