Sandeep Goenka, the co-founder of Zebpay, one of India’s three leading Bitcoin exchanges, believes that Bitcoin price can reach $3,500 by the end of 2017.
Bitcoin has maintained its strong performance despite some controversies like the Wannacry hack which momentarily imply that Bitcoin can be used for criminal transactions. Many also predicted bubble burst due to its sudden price surge. The Bitcoin community/users are so resilient that it seems no government or organization can stop it spreading both in its uses as a currency and applications.
From every looks of it, it will just continue to go up. The average price as of this writing is $1970 and may go up as high as $2000 in the 24 hour period. From world coin index price chart below you can see its bullish trend achieving new ATH almost every month.
The Market Demand
According to Goenka, the current Bitcoin prices are not necessarily defined by certain events. Global awareness toward Bitcoin is increasing and the demand from institutional investors is rising and are the prime reasons why there is a growing market demand for Bitcoin.
Goenka stated in an interview:
“Current bitcoin rally is due to increasing awareness and demand for bitcoins globally. Positive news of regulation in major countries like China, Japan and Russia have added fuel to the current rally.”
Japan As One Of The Prime Price Mover.
Japan has also established a platform for institutional investors by announcing Bitcoin as a legal currency. Such clarity to the regulatory side of Japanese government not only to Bitcoin but to digital currencies as a whole encouraged institutional investors and multi-billion dollar corporations to participate in the growing masses of Bitcoin industry.
Most notably, the $1.5 bln Japanese Internet giant GMO announced in January that it is officially entering the digital currency trading business and market by launching its own digital currency and Bitcoin trading platform.
More Countries To Follow.
The GMO Internet Group stated that it sees highly of Bitcoin’s ability to process both domestic and international remittances with low costs and fast speeds in a secure ecosystem, similar to the Bangko Sentral ng Pilipinas, the Central Bank of the Philippines.
Goenka further added that the whole cryptocurrencies market and industry will see the influx of more institutional investors by offering an entirely new investment category in digital assets. He stated:
“Since the supply is limited and demand is increasing, prices are moving upwards and touching all time highs almost every year. Bitcoins represent a new investment category called digital assets. This industry is exploding in usage and innovation. We believe this is just the beginning.”
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