Bitcoin is facing another mutiny in the coming weeks, but you wouldn’t be able to tell that from its price action. The Bitcoin price forecast appears cool, calm, and collected.
What do I mean by mutiny? Well, some of you are old enough to remember the Bitcoin news in June and July. Remember the minor civil war started by a small group of developers that wanted to upgrade Bitcoin’s source code?
You see, for all its hype as a global digital currency, Bitcoin is incredibly slow at sending money. It takes hours, sometimes days, to complete a transaction.
In order to increase efficiency, some developers offered a solution. But once their peers saw that it involved fundamental alterations to Bitcoin’s source code, they resisted. A tug-of-war ensued, forcing the currency to split in two.
We call this a hard fork.
Starting on August 1, there was Bitcoin Classic (BTC) and Bitcoin Cash (BCH). At the time, I wrote that Bitcoin Classic was the better option. I added that Bitcoin Cash would fail to replace the original currency. And considering that BTC is worth almost 12 times as much as BCH, I feel confident saying I was right. Investors backed up my predictions.
The upcoming Bitcoin fork is based on a lot of the same issues. It is scheduled to take place at the end of November. But there is barely any support for it, at least based off the forums and social media activity. It is far less of a threat than the last Bitcoin fork.
With that level of context, no wonder BTC prices are calm.
The Bitcoin to USD exchange rate increased 1.41% on Thursday and 5.03% across the entire week. It is currently sitting at around $4,387.29.
The developers that are splitting the currency will try to rock the boat in the coming weeks, but it seems like investors are wise to their game. On many of the forums, I saw comments that tilted hard in favor of Bitcoin Classic. As such, we maintain our 2017 Bitcoin price prediction of $5,000.