10 reasons for the growth of bitcoin prices in 2017

A few weeks ago, predicting the price of bitcoins, experts assumed that it will reach $ 3000 by the end of the year. However, only ends in June, and bitcoin went up to around $ 3,000 at the beginning of the month
This article summarizes the opinions on future price movements in bitcoin the cryptocurrency of several well-known professionals, including top managers of the Global Advisors Bitcoin Investment Fund, exchange Gemini, BNP Paribas, Société Générale, Alphabit.Fund and other major companies.
Legal recognition in Japan

One of the main reasons this year's largest jump in the price of bitcoin was its official recognition as a means of payment in Japan. On the background of the heyday of the Japanese cryptocurrency market, other countries also soften their attitude to the use of cryptocurrencies.
Director of Global Advisors Bitcoin Investment Fund, Daniel masters, said:
"Our goal, announced in December 2015, remains the same – to reach 4 $ 400 by the end of 2017. I can say that the latest price surge are obvious reasons. Mostly, it's positive legislation in Japan and Australia, and related to the high volume of trading."
Investment adviser and Manager of the portfolios of the company Bistocks, Adam norrie (Norrie Adam) also points to the legalization of bitcoin in Japan as the primary reasons that influenced its growth rate.
The abolition of double taxation in Australia

The Australian government tries to solve the problem of double taxation of cryptocurrency for a few years. In the end, it was decided from July 2017 to abandon the tax on goods and services purchases of cryptocurrencies, including bitcoin.
By early July, cryptocurrency traders expect another rise in the price of bitcoin and cryptocurrency Australian company that has moved abroad, thinking about going home.
Boom. ICO

The growth in the number and volume of pre-sales tokens (ICO) has made investment in the industry much safer. The total capitalization of cryptocurrency market has already exceeded 100 billion US dollars and continues to grow.
Adam norrie believes that the infusion into the industry of new funds is also the reason for the growth of bitcoins. Daniel masters says:
"I think we are seeing the emergence of a new scenario of use of digital assets, including bitcoin. Since the advent of bitcoin in 2009, it was considered that a digital asset was initially able to solve the problems of currencies. With the advent of closed blockchains we have seen solutions created in connection with the problems in trading and settlement. And now with the emergence of a market for ICO we have moved a new phase where digital assets can solve the problems of capital formation".
Chinese exchanges have resumed withdrawing bitcoins

We will remind, in February the PBC has imposed restrictions on the activities of the Chinese cryptocurrency exchanges. Shortly thereafter, major exchanges halted withdrawals. This situation continued until June, when output is resumed.
According to Adam norrie, this fact also influenced the growth of prices:
"... The fact that Chinese exchanges have resumed the withdrawal of bitcoins, and therefore the confidence to trade in the region began to grow again, had a positive impact on price."
Promotion

All the above reasons contribute to popularitati bitcoin in the world. The more people learn about the benefits of cryptocurrencies, the faster is its diffusion. Trader and developer of Dell Jensen (Jensen Dell) commented as follows:
"We are still in the early stages of adoption, so the basic jump still needs to happen. Still just beginning. I think that by 2018 the price of bitcoin will reach 4-5 thousand dollars. This is an exponential process."
Cryptocurrency speculators

On the other hand, the rapid growth of bitcoin is often associated with speculations on cryptanalytic markets, especially in China. Software engineer company Otonomos, Joel Hubert (Hubert Joël), says:
"We're seeing that on a scene there is a new wave of speculators in General, I would call them friends, that have invested in crypto, and now I want to join in the fun".
With it other experts agree, pointing out that the more people Express a desire to purchase the cryptocurrency, the higher is its price.
The demand is constantly growing group of investors

According to Daniel masters, we are seeing increasing demand from the continuously growing group of investors, who see bitcoin as a useful hedge when creating a portfolio.
Co-founder of Bity, Alexis Russell (Alexis Roussel) gave the following comment on the situation:
"The price of bitcoin and ether still has room to grow because of inflation the assets of the old economy moves to cryptonomicon".
Investment from family firms and hedge funds

Specialist in e-Commerce and the blockchain Mattia Rizzi (Rizzi Mattia) notes that increased interest in the blockchain, the major financial companies (Santander, JPMorgan, etc.) encourages investors to buy cryptocurrency. He also believes that some family firms and hedge funds in the United States began to invest a small portion of their portfolio in bitcoin, and it is also an important reason for the increase in the price of cryptocurrency.
Media activity

The underlying technology of bitcoin - the blockchain – is increasingly used in different fields of management. Every week at the market there are new blockchain projects. However, acceptance and understanding of new financial technologies is impossible without the participation of the media, and this, in turn, plays into the hands of bitcoin.
The increasing complexity of mining

Mattia Rizzi says that the reason for the increase in the price of bitcoin is also a constant increase in the complexity of mining. At this point she has already exceeded 700 000 000 000 and continues to grow.
With him agrees the founder of mining and trading companies Twixsoft, Vladimir Lyalin.
In his opinion, the price of bitcoin will continue to grow, and there are 10 main reasons:
The lack of liquidity and opacity of pricing
Quick adaptation of bitcoin in Japan
Overall growth in the adoption of the blockchain and cryptocurrency
Bitcoin is a target industry
To popularize bitcoin
The rapid growth of mining
The persistence of volatility
The General trend upward in the presence of kickbacks
Limited offer
The network congestion.

Source: https://bits.media/news/10-prichin-dlya-rosta-tseny-bitkoina-v-2017-godu/

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