Presently the price of 1 Bitcoin is $2670 and is expected to cross $3000 by December 2017. Here are some reasons why the price of Bitcoin will cross new heights in 2017.
Bitcoin Recognized as Legal Currency in Japan
The government of Japan has legalized Bitcoin as currency. This has made a favorable atmosphere for the crypto currency and that is the reason why it is flourishing so well in Japan. Other countries too are changing their attitude towards Bitcoins. Many experts have credited this move by Japan as the reason why Bitcoin market is picking up.
Bitcoin is in the Mainstream now Garnering Praises
Last two years have certainly seen a rise of crypto currency and the world is now more talking about it. People have shown great interest in Bitcoins and are really impressed by the currency of new era and its transaction process. Mark Ducas points out those growing economies like India and Brazil are showing great interest in Bitcoins. Approximately 2500 people in India are trading in Bitcoins despite the warning of RBI.
Growing Popularity through Media
People in the trading know things before it becomes popular in media but media helps in reaching out to the common masses. Since few years the media has given a great coverage to Bitcoins since it reached a record high. Being in popular media has also increased its prominence in new currency era.
Increase in Investment from Family Businesses and Small Firms
This can be credited to Media as small family businesses and firms have shown great interest in crypto currency. Small firms and ambitious individuals don’t want to miss a chance to be heavily rich. Many experts feel that Bitcoin value will cross $10k very soon by 2020 and that is certainly a reason to deal in Bitcoin as the present rate is around $2600.
Removing Bitcoin from Double Taxation in Australia
The Australian government has removed double taxation from Bitcoin and has legalized it. This would be effective from July 2017 and will serve as a boost to Bitcoin value. The government has dropped GST on digital currency give legitimacy to Bitcoin.
Apart from these five, there are many other reasons that harboring great market for Bitcoin. The unprecedented rise in price of Bitcoin definitely has been attracting people towards it and will continue to do in near future.