What is bitcoin ?
BITCOIN 2017
BITCOIN USE LIKELY TO INCREASE IN 2017
Juniper Research , a respected research firm , predicts that bitcoin transactions will triple in 2017 , reaching $ 92 billion dollars . Juniper notes several factors that should encourage the increased adoption of bitcoin in 2016 and through 2017 , including the fragility of the Chinese economy , the Brexit vote and on-going issues in Europe , including high unemployment and bad public finances , and numerous other issues .
As national governments continue to struggle and the global economy is exposed to high risks , it ’ s likely that an increasing number of people will look to bitcoin and other alternative currencies / investments . Bitcoin has taken on the mantle of a “ safe haven ” investment , due to the fact that it is free from government interference , and that supply is limited . Governments can increase money supply at pretty much any whim , thereby decreasing the individual value currency units .
Bitcoin ’ s supply , on the other hand , is already set and cannot be changed .
If the global market grows more turbulent in the months ahead ( which is quite likely ), people may start ditching their traditional currencies in favor of bitcoin . This will lead to increased use of bitcoin , and as more people use the currency , demand for it will rise , and prices along with it .
Daniel Masters , a co-founder at the multi-million dollar bitcoin hedge fund , predicts that bitcoin will hit $ 4,400 by the end of 2017 . Masters believes that bitcoin adoption will continue to increase , and more companies will accept it as payment . This increased adoption will be propelled investments in blockchain technology .
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What is bitcoin ?
Bitcoin is a cryptocurrency and a payment system [ 14 ]: 3 invented by an unidentified programmer , or group of programmers , under the name of Satoshi Nakamoto . Bitcoin was introduced on 31 October 2008
3 FACTORS
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 .