10 Reasons Why the Bitcoin Price Will Continue to Rise in 2017
Bitcoin, the world’s first decentralized digital currency, has taken the financial world by storm since its inception in 2009. In recent years, its value has surged dramatically, attracting both individual and institutional investors alike. As we delve into the year 2017, it becomes increasingly evident that the upward trajectory of the Bitcoin price will persist. This article highlights ten compelling reasons why Bitcoin’s ascent will continue, solidifying its position as a powerful investment option.
1. Increasing Adoption and Acceptance:
One of the primary drivers of Bitcoin’s success is the growing acceptance and adoption among businesses and individuals worldwide. Major corporations have begun incorporating Bitcoin into their payment systems, allowing customers to make transactions using the digital currency. This trend will inevitably lead to increased demand and a higher price.
2. Limited Supply and Halving Events:
Bitcoin’s unique protocol caps the total supply at 21 million coins, creating scarcity and a sense of digital gold. Additionally, every four years, the mining reward for Bitcoin is halved in a process known as “halving.” The previous halving events in 2012 and 2016 triggered substantial price surges, and the one expected in 2017 will likely have a similar impact.
3. Geopolitical Uncertainty:
In times of political and economic instability, investors seek safe-haven assets that are not tied to any specific country or government. Bitcoin, free from centralized control, has emerged as a preferred hedge against geopolitical uncertainties, attracting significant capital inflows during turbulent times.
4. Increased Institutional Involvement:
Large financial institutions have started to recognize Bitcoin’s potential as a legitimate asset class. The inclusion of Bitcoin in investment portfolios by major banks and hedge funds further legitimizes its value and can lead to a substantial influx of funds.
5. Mainstream Media Coverage:
Bitcoin’s remarkable rise has captured the attention of mainstream media outlets globally. As news reports highlight its exponential growth and potential for astronomical returns, more individuals become curious about investing in Bitcoin, fueling its upward price trend.
6. Advancements in Technology:
Bitcoin’s underlying technology, blockchain, has been the catalyst for numerous innovations across various industries. As developers continue to enhance the blockchain’s capabilities, it will attract more interest and investment, benefiting Bitcoin’s price in return.
7. Enhanced Security and Scalability:
Over time, Bitcoin’s security and scalability have vastly improved. Segregated Witness (SegWit) and the Lightning Network have addressed critical issues, making Bitcoin more robust and efficient, attracting more users and investments.
8. Global Remittances and Unbanked Populations:
Bitcoin’s borderless nature and low transaction fees make it an attractive option for remittances, where traditional methods are costlier and slower. Additionally, in regions with limited banking infrastructure, Bitcoin provides a viable alternative for financial services, expanding its user base and driving up demand.
9. Recognition as a Digital Store of Value:
As Bitcoin matures, it gains recognition as a digital store of value, akin to gold. This perception drives individuals and institutions to hold Bitcoin for the long term, reducing available supply and pushing prices higher.
10. Emerging Market Interest:
In developing economies with unstable currencies and limited financial access, Bitcoin offers an accessible and secure financial instrument. As more people from emerging markets discover Bitcoin’s potential, demand will soar, contributing to the ongoing rise in its price.
With a perfect storm of factors coming together, 2017 promises to be another year of substantial growth for Bitcoin. Its increasing adoption, limited supply, institutional interest, and growing use cases are all paving the way for further price appreciation. While the cryptocurrency market is inherently volatile, these ten reasons provide a strong case for the continued rise of Bitcoin as a significant player in the global financial landscape. As investors and enthusiasts continue to rally behind its potential, Bitcoin’s value is poised to scale new heights in the coming year and beyond.