Bitcoin has proved that virtual currencies can be successful. You could gauge its success from its performance in the past year. We predicted Bitcoin to hit $5,000 when it was trading at $2,600 in May. It not only beat our estimates, it nearly tripled in price from there. Bitcoin ended 2017 with a staggering 1,500% gain in price.
This digital currency is credited for laying the groundwork in the crypto-world. Bitcoin has given us blockchain technology, which in turn has led to the birth of over 1,300 other cryptocurrencies. Blockchain is already raising eyebrowsA�in the financial world.
Despite a momentary hiccup in prices owed to Chinaa��s crackdown on initial coin offerings (ICOs), Bitcoin maintained its upward journey through 2017. It surprised the world with its meteoric rise in the last three months of 2017 when prices shot for the moon. A whopping 300% in gains was recorded in this period.
But the Bitcoin price prediction has become increasingly difficult as we watch the BTC price head into bubble territory. Anything is possible for Bitcoin in 2018. It could tank or double again. Whata��s certain, however, is that the volatility in Bitcoin prices is unlikely to go away.
On the bright side, Bitcoin has emerged as the most sought-after decentralized, secure, digital currency uncontrolled by any central authority. Bitcoin has shown that secure digital payments are possibleA�without needing banks.
Adding to its financial credibility is the fact that governments across the world are showing interest in either legalizing or taxing Bitcoin investments. On top of that, Bitcoin became the only cryptocurrency in 2017 to have the first-of-its-kind Bitcoin futures. The regulated financial derivatives opened the doors for big money on Wall Street to invest in this digital currency.
However, Bitcoina��s rising transaction costs raise concerns in the community on its ability to become a a�?medium of exchange.a�? This is where it may continue to face competition from other digital assets that claim to be cheaper and faster alternatives to Bitcoin. Yet Bitcoin presently remains the better a�?store of valuea�? with incomparable year-over-year returns.
If youa��re looking for a sound Bitcoin price prediction for 2018, youa��ve landed at the right place. Follow this space for our daily updates on Bitcoin. Our subscribers get to read our up-to-date Bitcoin price forecasts and analysis through 2018.