Bitcoin
Bitcoin (BTC) Prices to Spearhead $5000 in 2017
Bitcoin has proved that virtual currencies could be successful and is also credited with making the underlying Blockchain technology a big hit in the financial world. However, after reaching the peak of $5000 about two weeks back, the most popular digital asset has got into some major headwinds. After a long time, BTC prices have dropped below $4000.
The sentiment has been increasingly turning negative since China announced its plans to crack down on Initial Coin Offerings (ICOs) and banned trading of virtual currencies on domestic exchanges. But the recent spate of news does not bode well for BTC and in fact, Bitcoin price prediction could take a nosedive from here.
JP Morgan’s Jamie Dimon said in an investor conference in New York, that Bitcoin was a fraud and worse than the tulip mania. The comment has not gone down well as the Bitcoin prices are struggling to hold in the green and have dropped to below $4000 levels.
Bitcoin price prediction has become even more difficult as the current indications point to the direction of it being in the bubble category. Moreover, the governments of major countries are sending the signal that these currencies shall not be allowed to operate without their oversight and regulation. This is the big factor that will continue to put pressure on digital currencies and Bitcoin price.
However, it was in November of 2015 that Jamie Dimon had predicted that Bitcoin will not survive. On that day, it had closed at $386.35. Bitcoin price in 2017 has gained by almost 1000% since then.
In August, the big news was Bitcoin Fork where the bitcoin community came together to bring about a change in software to speed up the transaction time. This resulted in Bitcoin Cash and the higher prices for Bitcoin. There is a possibility of another split in the month of November, which could further boost BTC price.
But anything is possible for Bitcoin in 2017. It could tank, or could more than double. However, the one sure thing is that the volatility associated with Bitcoin is unlikely to go. On the positive side, it has the charm of a secure digital currency that has no central issuer, this is what had made Bitcoin popular in the first place and shall continue to work in its favour in the coming years as well.
Bitcoin has shown that secure digital payments are possible at a lower cost, as it got rid of the middlemen and gave more power to the users. However, it shall continue to face competition from other digital assets that claim to offer enhanced performance.
The following Bitcoin price chart shows the movement of Bitcoin price in 2017 and how it has come a long way since the last year.
With Bitcoin futures likely to make an appearance, the BTC prices space shall never be short of action and excitement. Bitcoin may be getting hammered at the moment, but as long as people are interested in this virtual currency, it shall not go out of favour. Bitcoin may see more action from various governments but its status as the transparent currency is likely to take BTC price higher. There may be volatility but the upward trend is unlikely to halt, even if the current headwinds keep pulling down the battered currency. However, the path to $5000 has become tougher now.
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From: Michael Lombardi, MBA