olivia.nelson

What are the prospects for growth of bitcoin?

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Bitcoin (BTC), the world's largest and most widely used cryptocurrency, has only been around for a handful of years - since 2009. 2016 proved to be a good year for the digital currency, more than doubling over the course of the year from around $400 to just under $1,000. Some analysts predict that 2017 will be another banner year, while others are more skeptical and calling this recent rise a bubble that is waiting to burst.

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I think we have remember about  bitcoin has, at times, been viewed as an anti-establishment currency that operates both by the people and for the people. Given the challenges that bitcoin has faced, reputable institutions may be needed to lend credibility in the global market. And on future and even now BTC growing.

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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 plenty 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 new supply for mined blocks being cut in half bitcoin’s price began to rise, breaking 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 reward for mining won’t be halved until early July in 2020. Regardless, the bitcoin’s price will likely continue 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.

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Vinny Lingham, the CEO of Civic, predicts that bitcoin could hit $3,000 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 2016 and 2017 will be very good years for bitcoin.

Lingham’s prediction comes down to three factors. 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. Second, a “short squeeze” may be forming as people who have shorted bitcoin may be forced to buy bitcoins to repay their short bets. Third, bitcoin will continue to enjoy natural inflation due to its limited supply.

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I think his positions will be strengthened. And the technology will be improved. So that the price increase will be stable. Considering the fact that many countries are taking decisions to legalize bitcoin.

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Van-Petersen (an analyst at Saxo Bank) sees the market cap of Bitcoin rising to $1.75 trillion in the next 10 years. For this to happen, Bitcoin needs to mature as a technology, solve all of its scaling issues and become adopted as a digital currency and digital cash system, instead of a safe haven asset and long-term investment.

 

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Perhaps it will change the situation that many countries make decisions about the legalization of bitcoins.

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India is too serious on legalizing it now..hope it passes the gateway and we can freely transact...:1_grinning:

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The bitcoin has, at times, been viewed as an anti-establishment currency that operates both by the people and for the people. Given the challenges that bitcoin has faced, reputable institutions may be needed to lend credibility in the global market.

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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 and  a “short squeeze” may be forming as people who have shorted bitcoin may be forced to buy bitcoins to repay their short bets.

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