How Far Will Bitcoin Go in 2017? Experts Weigh In With Predictions
Bitcoinist asked digital currency experts Kim Dotcom, Reggie Middleton and Tone Vays to give us their thoughts on what we should expect from Bitcoin this year.
It would be hard to find anyone who predicted Bitcoin could more than double in value in 2016. Even the most ardent proponents can only be so optimistic. My view of its price went as high as $800 by year’s end, but I certainly didn’t see the afterburners coming in a December Bitcoin buying spree.
Where do we go from here? Is there something that can affect the Bitcoin price in 2017 that we should consider? I asked three experts in the digital currency space to give me their thoughts on what we should expect from Bitcoin this year and here’s what I discovered, starting with Bitcoin blogger and trader, Tone Vays.
I see a very strong start to 2017. A lot depends on SegWit passing, but it will be the confidence and speculation in the eventual consensus on SegWit being passed that should drive the price to as high as $2,000 by end of summer. (Just like the price went up 3 months prior to halving, then pulled back for 3 months then after). Then sometime in August, I expect a correction, so that at year end we should be in $1,500 – $1,750 range.
Reggie Middleton is the creator of Veritaseum and has an impressive track record of predicting the future rises and falls in the financial markets. Yet, he was not willing to put a dollar amount on Bitcoin.
I’m reticent to give price targets since that’s not how I work, but I’m bullish. Bricking prices will move corollary to capital control.pressure from Asian and South American countries, as well contrary to the downwards pressure found in fiat currencies. More directly put, BTC will act as a put option on FICC (fixed income, commodity, and currency) downward movement or a call option on said volatility. Expect to see a lot of that as Trump takes office, the ECB bungles its macro policy and developing.nations.continue their war on cash.
It is always interesting to hear from the man, the myth, the legend known as Kim DotCom. With his upcoming Bitcoin project BitCache expected to hit the market shortly, I was expecting him to be pretty upbeat on “The Internet of money,” and he didn’t disappoint. Kim likes to think big.
To the average person, the current value per Bitcoin of $1,000 per Bitcoin seems high. But if you look at the market capitalization of all Bitcoin it is only $16+ billion. The market value of all the gold that was ever mined is approximately $7 trillion. It’s not hard to imagine that a mass adoption of Bitcoin could reach a market cap of more than $1 trillion. Do the math. Bitcoin are still incredibly cheap. A price per Bitcoin of $100000 is a possibility within a decade or two. Hold on to your Bitcoin. You’ll see a rise to $2000+ in 2017.
Price to Double Every Year?
I may or may not be a Bitcoin expert, but my two cents are that it should be safe to assume that Bitcoin’s market value should double every year, so approaching $2,000 this year, $4,000 the year after, and so on.
The upside for Bitcoin is as the greater global economy continues to spiral downward, and a growing number of nations begin a war on cash, as Middleton said earlier, people will slowly discover Bitcoin to be a valuable alternative, either as a currency or as an economic “safe haven.” A growing global digital currency in a world hellbent on taking the freedom of cash from the proletariat is a pretty good hedge, IMO.
— Bitcoin Core Project (@bitcoincoreorg) January 3, 2017
What is working against Bitcoin is it still is suffering from scalability issues and limited mainstream adoption penetration. The Bitcoin community needs to come together on a way to handle more transactions than a few per second before Bitcoin can be all that it will be. Considering today is only Bitcoin’s eighth birthday as a publicly traded digital asset, it has come a long way in a short amount of time, but there are still major obstacles to overcome before it reaches its full potential.
Considering today is only Bitcoin’s eighth birthday as a publicly traded digital asset, it has come a long way in a short amount of time, but there are still major obstacles to overcome before it reaches its full potential.
What’s your prediction for Bitcoin in 2017? Share your thoughts below!
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