On the 13th July 2015, I wrote a piece about why Bitcoin was going up in value. In the end the Bitcoin gain in value around +26% and in 2016 +119%! If you had bought the Bitcoin at the time that I had publish that blog then your ROI would be +300%. (the selling price at the moment was 269 USD versus 1100 USD today) In this blog I am going to share you my thoughts about Bitcoin 2017.
Bitcoin 2015 – Bitcoin 2017: What has happend in the Bitcoin world?
What has happend in the last past two years in the Bitcoin world? Well the begin with more and more stores are accepting Bitcoin. However Bitcoin is still not popular among consumers. But it is gaining more attention from consumers according to this article. In my opinion in the past two years three major things have happen in the Bitcoin world.
Number one: Bitcoin is being accepted in more and more countries
Number two: More and more Cryptocurrency related products and services are being created
Number three: Bitcoin has become a safehaven for currency traders/investors
Especially that last number three have been a big factor for the value increase of the Bitcoin of the past two year. With the slowdown in growth in the Chinese economy in particular, you saw that Chinese went into Bitcoin massive. Slowdown in growth means a weaker Yuan and because of that the chinese are investing in Bitcoin to protect their wealth.
Bitcoin 2017 the new gold?
In the last few weeks, the price of the Bitcoin Sky rocket. Mainly because of the weak yuan and the weak Venezuela currency. Currency investors look for a new safe haven. And it seems that for the Chinese & Venezuelan investors that Bitcoin is their safe haven. Why is Bitcoin so popular under the Chinese investors? One of the main reason is that the Chinese government are taking action to make it more difficult for the Chinese people to move their money overseas and invest outside of China. And with the continuation of the Yuan losing their value, the Chinese are looking for ways to protect their wealth. And one of the way of protecting their wealth is to invest in Bitcoins. Because unlike gold, you can use Bitcoins to buy other things where the government has no control on it.
Bitcoin 2017: What is going to happen this year?
- will the currency break his ceiling of all time high?
- currently there are 16 million bitcoins and 21 million bitcoins in total can be made
- Lots of politic unrest , europe, venezuela, china, us (trade war), brexit
Bitcoin 2017: Will go higher in value
I think Bitcoin will continue to increase in value. Because the demand for bitcoins will increase while the supply of bitcoins becomes smaller. The reason for this is that bitcoin is a popular currency, which is still gaining more popularity. Off all the currency to invest in, the bitcoin has the potential increase in value faster then other currencies. With the Brexit, Venezuela & China’s capital outflow issues that is going on. I am sure that the bitcoin will set new higher values then in 2016.