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.