Let’s take a look at what some of Bitcoin’s industry insiders predict for 2017 as general sentiment is more bullish than ever and BTC is eyeing a new all-time high.
Tulip? More Like Champagne Bubbles
Bitcoin is no stranger to bubbles. In fact, there’s probably a Tulip-mania inspired obituary out there already. But tulips can’t store value long-term, can’t be sent to the other side of the globe in seconds, and certainly can’t live on your mobile phone.
Bitcoin is a different breed indeed. Its fluctuations come and go…and come back again stronger than ever.
You see, it is becoming increasingly useful in those parts of the world where conventional economic policies have failed; where people are taking matters into their own hands as they lose confidence in their national currency; where the state is waging war on cash and ultimately their own citizens.
But people who’ve been in this space for a few years know this price rollercoaster comes with the territory. The first Bitcoin bubble, for example, was from just 10 cents to $1 USD. Then after the first ‘pop’ – price went from $0.50 to $31 in June 2011, until…another pop! Back down to $2 — a precipitous drop of almost 100 percent!
But Bitcoin died and came back like Jesus. Price shot back up to $200 in April 2013; then down again until the most infamous bubble of all, where it climbed from $80 to $1150, only to experience another pop in the wake of the Mt.Gox fiasco, and back down to a low of around $200 in 2015.
Insiders Predict ‘Higher’ Price in 2017
For instance, research firm Juniper Research did not issue a specific price target. However, it expects bitcoin transactions to triple in 2017, reaching $92 billion dollars due to continued economic uncertainty in China, in particular.
Meanwhile, Civic CEO, Vinny Lingham, has been one of the most outspoken, if not accurate, forecasters of Bitcoin price in recent years. Just recently, his prediction that we would barely notice the $800’s on the way up was spot on.
More good news is that Lingham believes the price could hit $3,000 in 2017. He explains that,
governments will become the largest buyers of Bitcoin, pushing the price up to new highs.
Digital Currency Group CEO and Bitcoin investor Barry Silbert is also known for making bullish predictions. Without going into specific numbers, Silbert believes the price will go “higher” in 2017 as Bitcoin’s store-of-value aspect “reemerges as a key theme.”
Bitcoin economist Tuur Demeester echoed this prediction when when asked his thoughts. Demeester tersely tweeted:
In fact, one Twitter poll captured this seemingly ubiquitous “higher” price sentiment:
The Price of #Bitcoin, this time…. Next week?
— Mad Bitcoins (@MadBitcoins) December 18, 2016
For 2017, expect the price to be around $1,000 to $1,400, according to Bitcoin investor Tim Draper, the wholesale buyer of the confiscated Silk Road bitcoins. But perhaps the most optimistic of all predictions can be seen in this video.
Bearish predictions, on the other hand, are pretty much non-existent at the moment. (Please share below if you come across any.)
Keep Calm and Hold
The Bitcoin space is teeming with incredibly talented and intelligent people, many of whom have been in this space since the beginning. Refraining from quoting specific numbers, most have grown used to the price rollercoaster, as they know Bitcoin can be very unpredictable.
“I don’t even look at the price,” is a frequent statement I’ve heard at various Bitcoin meet-ups and conferences. It’s usually followed by “our focus is on improving technology” because that’s what the price ultimately reflects.
Despite potential negative factors such as scalability issues and regulatory concerns, the current optimism sweeping the Bitcoin space is bigger than ever. As Bitcoin development continues amid the volatility, global economic uncertainty, and overall technological innovation, the only thing that’s certain is that this space will continue to surprise us all.
What’s your prediction for Bitcoin price in 2017? Share it below!
Images courtesy of shutterstock, techncentral.co.za