Bitcoin (abbreviated as BTC) is a popular cryptocurrency that has come a long way since its introduction in 2009. When the cryptocurrency first appeared on the market, nobody had thought that it would soon become a popular choice for people across the world for carrying out financial online transactions. However, the growth of BTC has been contrary to previous beliefs where its growth has been magnificent over the last couple of years – especially in 2015 and 2016 – and experts believe that it will continue to shine throughout 2017.
History In Numbers
When taking a retrospective view of Bitcoin in 2015 and 2016, it’s clear to see a steady growth in BTC due to a variety of reasons, which will continue to play a part in the near future. In the year 2015 alone, Bitcoin saw a massive 37% growth where it rose from $313 to $43. Such rise stimulated the growth of BTC in 2016 as well and, as a reflection of the figures, it shows that 2016 remained the most fruitful year for the growth of BTC, as it rose from $400 to around $850 by the end of the year. This increase can be attributed to more people started using this digital currency for making payments, as it comes with minimal transaction fees and better conversion rates. However, there are many other reasons that have also attributed to this rise in value too.
Based on these figures, it looks like the digital currency will continue to surprise the experts across the planet with the dramatic surge in its growth and acceptance. But what do cryptocurrency experts predict for Bitcoin in 2017?
What Do The Media Say About Bitcoin?
Though it’s true that famous economists like Paul Krugman, Joseph Stiglitz, Kenneth Rogoff have never spoken positively about BTC.; this isn’t a true reflection of popular opinions. In fact, back in the year 2013 Paul Krugman crafted an opinion piece that was published in the New York Times entitled, “Bitcoin Is Evil”, which essentially condemned BTC. However, it would seem that the beliefs of crypto-sceptics appear to be inaccurate, especially since a number of media houses such as The Guardian reported in the first week of January 2017 that the value of Bitcoin had surpassed $1,000 (£815). Since then, the price of bitcoin has continued to soar amid growing optimism that funding into the industry may be approved. Ultimately, many of the top media outlets have predicted a promising future for Bitcoin, although retaining reservations on the logistics of a mainstream rollout.
If you look at this digital currency from a users’ and investors’ point of view, the best part is that Bitcoin experienced a relatively stable price over the last couple of years. In fact, the rise in value of bitcoin has exceeded many people's expectations, which has increased the number of people purchasing Bitcoins from banking platforms and exchanges, such as Wirex, in order to encourage digital transactions. So what are the most likely predictions being mooted for Bitcoin in 2017?
A Cashless Economy Will Increase the Acceptance for BTC
When considering the fact that most of the countries across the globe are trying to encourage the concept of the cashless economy, they are looking at digital currencies as perfect alternatives to succeed fiat money. For example, countries like India and China are working to strengthen their economies by encouraging their citizens to opt for digital payments when it comes to the buying and selling of goods. Such a change in payment transfer method towards a cashless economy can prove to be very helpful for a rapid growth in value and abundance of BTC.
The demonetisation in India at the end of 2016 showed a steady increase in the use of BTC when it comes to making digital transactions. In addition to this, using digital currencies will also improve taxation and accounting processes to give the Government a clearer idea of the country’s fiscal position. Overall, the more countries that encourage the concept of a cashless economy; the more are chances of people opting to recognise BTC and other cryptocurrencies as legal tenders.
Bitcoin Will Be Embraced by Investors & Retail Sector
Analysts believe that BTC will be adopted by retail industry and investors in 2017 via ETFs. In other words, Bitcoin ETFs will make it possible for retail sectors and investors to carry out their digital transactions through the Bitcoin network. Over the last couple of years, the way people buy and sell products and services have changed massively, and the use of BTC is a live example of that. This trend is expected to continue into the near and distant future, as more money continues to be invested into the market.
Bitcoin Will Continue to Dominate
Since the inception of Bitcoin, there are a lot of cryptocurrencies in the market such as Ether, Litecoin, Monero, Ripple, Dogecoin, and Dash; but Bitcoin remains at the top of the list, and this trend is expected to continue throughout 2017. Apart from Bitcoin, other cryptocurrencies that are highly popular among cryptocurrency enthusiasts are Ethereum, Litecoin and Monero.
Altogether there are over 710 cryptocurrencies in the market today, but Bitcoin is by far the best and most abundant among them at this current time.
Cross Border Payment Using BTC Will Increase In 2017
When it comes to making cross-border payments, BTC is expected to become a big hit in 2017. According to Barry Silbert, Founder & CEO of Digital Currency Group, BTC will beat established payment institutions such as Western Union, when it comes to carrying out cross-border digital transactions simply because the Bitcoin infrastructure is continually being improved.
In short, if you’re looking to make digital transactions, BTC remains a preferred choice of many to benefit from better exchange rates and lower fees. As such, it will remain the same throughout the year, so if you’re looking to invest some money in Bitcoin, then there’s no better time than now!