5 Reasons Why Bitcoin Prices Will Continue to Rise in 2017
Some of the people here at Bitconnect and reading the article just love the technology and ethos of Bitcoin. Many others are strictly speculators, thinking about making more of an ROI with Bitcoin. However you got here, I am happy that you are here. For those who are merely financially motivated, good news! Bitcoin is growing at a rate of over 60% this year, after a more than 35% gain last year, and may gain even more in 2017. Here are 5 reasons why this should be the case.
India
Bitcoin is fairly new in India, but it is already making all kinds of gains. India is a heavily cash-based culture, so the recent capital controls we have reported on have hit the citizens hard. This issue has forced many to consider economic alternatives like Bitcoin. Essentially, this action by the banks and government may have started a Bitcoin fire in the world\s most populous country that they may never be able to stop.
According to Sunny Ray, co-founder of Unocoin, India’s largest Bitcoin company, Bitcoin has gone from selling in the hundreds of thousands of USD worth a month at the start of this year to millions of dollars a month now to tens of millions by early next year. If Bitcoin continues making a good impression,and the governments and banks keep forcing the people to look elsewhere, over a billion people may just discover “the future of money.” That might help Bitcoin values. Maybe.
Winklevoss ETF
This ETF project, from the creators of the Gemini bitcoin exchange in New York, has been in the works for years and should come to some resolution in 2017. The twins found a way to get a Bitcoin exchange through regulators in New York; not easy. And Wall Street is looking for something custom-tailored to their investment needs, so expect this to get done in the first half of 2017.
When this goes through, new, well-heeled investors can create puts, calls, margins, funds, derivatives and more. A major infusion of Wall Street money can only help Bitcoin grow in value. The daily transaction volume from this alone can change the price, and some say it can remove some of the volatility. Once this is approved by the Securities Exchange Commission, this would also have a domino effect in London, Japan, Beijing, and other major markets.
The U.S. may set the standard, and the rest of the world will fall in line, creating a tidal wave of investing. This has the chance to be the biggest thing in Bitcoin’s history. This may only happen if the next part comes to fruition…..
Segregated Witness
In order for Bitcoin to grow, it will need to scale, one way of another. Bitcoin is suffering through a glass ceiling that is the 1 MB block size, and SegWit can solve this problem. Thought to increase block efficiency and effective size by approximately 70%, this will allow more transactions, and more people to use the Bitcoin blockchain without bogging down the system. No more 45-minute waits for transactions to clear.
If Wall Street tries to get in and Bitcoin has not scaled at all by then, that could be a major situation.
The Continuing Collapse of the Globalist Model E.U.
The European Union is not making friends with many of its member nations. A wave of nationalism is starting to sweep the region, as Nigel Farage has helped remove Great Britain from the E.U., at least in spirit. Greece is not a willing E.U. participant, after the last two years of problems, and France is looking at moving on next year with their election cycle ending and a nationalist gaining momentum after President Trump's election opens the door for her. Also, Spain and Italy are struggling and may boil over next year.
The point is you should expect more economic turmoil in 2017 from the Eurozone, and as history has shown, uncertain times mean boosts for Bitcoin values. There is nothing certain going on in the E.U. except for more uncertainty.
Smart Contracts
Rootstock should have Bitcoin-capable smart contracts in the next few months, and this can move interest from Ethereum, the #2 decentralised digital currency in the world, to Bitcoin. As Bitcoin learns new tricks and takes on new technologies, its functionality increases, and so does its market value.
So Bitcoin is brimming with upside potential. The mainstream hasn’t even scratched the surface of what Bitcoin will become. It will be exciting to see them catch on and discover a better way forward.
