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Bitcoins value surges to $750 from $640 in the past three weeks. This will be the massive growth in the bitcoin history. People started to love bitcoin, because of its significant growth.
By the result of the growth in value, people assuming that bitcoin price will hit $1000 in upcoming year!
Let's discuss what are all the factors behind this assumption!
Drastic growth in bitcoin usage:
Cryptocurrencies was originally created for value exchange, but the standard appreciation of bitcoin resulted to deviation from its use case. As people start using bitcoin for purchases, the amount of bitcoin in trading will get decreased. Low liquidity on exchange order will result to demand among traders. And this will cause the drastic increase in value.
People Loves To Adopt With Bitcoin:
People are starting to adopt with bitcoin. It is influenced by the acceptance and the implementation of various governments. This Increases the credibility and made the bitcoin as the alternative to fiat currencies. More people started to use bitcoin, But there is a limited supply. Definitely, this will make a high demand for bitcoin and will increase the value.
Growth In Bitcoin Investment:
Bitcoin has several advantages over other fiat currencies, Because it is an open source, decentralized and peer to peer currency. This digital currency immune to all forms of restrictions imposed by the governments on fiat currencies. The finite supply of bitcoin, promises a high value in the upcoming years. These factors made the bitcoin as the most favored investment. As long the government imposes their power on fiat currencies, Bitcoin will be on demand.
Growth In Bitcoin Remittance :
The growth in bitcoin remittance increases the digital currency usage. A lot of remittance platforms uses bitcoin in the backend even though the customer don't know the role of cryptocurrencies. Including china, Philippines, Korea and some other countries established as bitcoin remittance markets. Indian companies also stepping into this remittance game as a partnership with other popular firms.
Exchanges And Trading Platforms:
Bitcoin trading platforms play the major role in influencing the bitcoin value. Also, Traders continue to execute most profitable trades, which leads to the increase in bitcoin price.
So far, 2016 was the good year for the digital currency. Still, there are only two months to go there are a lot of improvements in the bitcoin network. So it is possible for bitcoin price to exceed $1000 in the next year. Let's wait what is going to happen in 2017! Share your thoughts and comments about this article, so that we can find out what you are actually looking for!
Hey Peeps !! This is Anushya an enthusiastic and energetic individual who persists in the field of Blockchain and Cryptocurrency for more than 4 years. At present, surviving as a Business Consultant and Blogger at Bitdeal. I am fascinated towards the upcoming trends and technologies in the digital globe. Stay tuned with us to move forward with innovations in the crypto industry !!
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