A Long ago, people used to consider Bitcoin as a joke. But amongst all major digital currency, the prominent cryptocurrency has had a remarkable growth this year. At present, it is worth billions as an entity. Bitcoin had a roller-coaster ride attaining over seven times more value amidst wide global acceptance and outlook of heavy returns.
It has broken its historical records in the year as it stands now. Considerably, growing, though in a volatile way, from $900 in January this year to $6300 by October. Thus, $10k last month. While a few people like JP Morgan and Ray Dalio have criticized it as a ‘fraud’ and ‘bubble,’ respectively, many investment experts like Wall Street strategist Tom Lee believes that Bitcoin price will even move further.
Bitcoin fastened at USD 968.42 with a 22% growth rate on 31 Dec 2016. Further, on November 2, 2016, it surpassed the USD 7000 mark. Meanwhile, Bitcoin is widely accepted as a legal currency in Japan, which has encouraged many to invest in it. Furthermore, Japan holds over 60 percent of the market. But, some major correction in value was seen when China prohibited in September, but Bitcoin was able to move past that.
The announcement of CME’s Group (Chicago Mercantile Exchange) is mostly accredited in Bitcoin’s recent surge although issues surrounding segwitx2 fork and enabling of atomic swaps were also mentioned. The world’s largest derivatives exchange operators said that it will be regulating trading value for the crypto market and by the December 2017 the new Bitcoin futures contract will finally launch.
Interestingly, both positive and negative news is driving up the demand for Bitcoin since bad news i.e negative opinions have so far had only a temporary negative effect. Bitcoin’s resistant.
Chris Kline Co-founder and COO said at Bitcoin IRA this year,
“Based on my experience in the space, I believe it will become the best high-growth investment of 2018. It is far surpassing its meteoric rise already this year”.
The growth of Bitcoin is accepting all over the world and many now treat it as an official means of payment as from April 2017. For instance, presently, around 260000 retail stores and food establishments are accepting Bitcoin. Likewise, other governments are considering the method of cryptocurrencies. Japan story is more likely to be influential in the success of Bitcoin around the world. As it has seen 55% percent increase in Bitcoin transaction volume in 2017.
Also, when Bitcoin was launched back in 1998. It began to be in use by industrious and tech-savvy people when you consider the processes of buying and storing it safely.
With strong volatility and risk tolerance, Bitcoin could see immense and explosive gains in future.