What Made Bitcoin Rise To $20k In 2017 – Could It Happen Again?

Last year (2017) has been an immense success for Bitcoin considering its price being somewhat higher than 900$ at the start of 2017 year culminating to about $19,500 in late December.

This cryptocurrency is being as aggressive as ever with no intention of ceasing its rise.

Exceeding the expectations of its creators, Bitcoin is considered to be used as an alternative currency whether you want to pay or invest. Bitcoin’s price depends on the will of the people who want to pay for it. It seems that an enormous amount of people are using this cryptocurrency even so that in just a few months there have been up to 20 million people who signed up for it. For as long as people rapidly join the bitcoin frenzy, it is more likely to move the cryptocurrency into the mainstream and be used around the world which would mean a dramatic increase in its value.

Aside from all that, the continuous rise of Bitcoin’s price has made global investors wanting to shield their own currencies which have been deflating. But general public who might be suspicious about the safety of their money being upheld by the central banks, got remarkably interested to bitcoin because of its nature to be less influenced by any state’s economy.

Therefore, the main reasons why Bitcoin was rising include:

• The decentralized network and the inability to control the transactions one by one
• The popularity of the cryptocurrency itself, which is growing as we speak (along with its price)
• No banks or governments involved in the entire transaction model
• No possibility for inflation or deflation
• An extremely secure network which uses a dual-sided cryptography for each transaction

With a currency like this which requires no regulation and is pretty safe from inflation and crisis on the stock market, it is clear that warnings would emerge, some even calling it a fraud or scam, applying to the fact that there is nothing in the world that could possibly be “so safe” implying on the concerns of others who say that bitcoin is just a bubble waiting to burst. .

Viewed from a different perspective and that is to be an investment one, bitcoin is often compared to gold. Connections are made between these two for their likewise elements. Both gold and bitcoin are a limited good in the supply sector. But even so, bitcoin has dramatically exceeded the value of this valuable metal.

All things considered, our society is slowly turning in a cashless one mostly using credit or debit cards. It’s no surprise how bitcoin fits in this story and it is one of the reasons why there has been such increase in digital currency over the past few months.