TOP 10 reasons for Bitcoin growth in the latter part of 2017
Most recently, the first cryptocurrency has ohas reached $3K. Further fluctuations raised fears among Bitcoin users. Leading experts on digital currencies of companies Alphabit.Funds, Global Advisors Bitcoin Investment Fund, Societe Generale and others are sure that the rate will continue to grow, providing comprehensive arguments for their rightness.
Key reasons for BTC growth
The more people learn about the cryptocurrency advantages, providing secure deposits and transactions, the more Bitcoin become popular. Increased distribution will cause the rate growth up to $4-5K by the end of the year.
Strong demand from investors
There is an overdemand for cryptocurrencies among an ever-expanding group of investors. Buying public consider the first cryptocurrency as a useful hedge when creating a portfolio. Gradually, an asset inflation move from the traditional economy to the digital economy.
Increasing number of cryptocurrency speculators
More and more people are interested in acquiring BTC. That is why Bitcoin is constantly growing in price. Its exchange rate appreciation associated with speculation in the digital market, especially in China. At the same time, random people arrive to the industry, who want to join the process without proper knowledge of digital currencies.
Growing complexity of mining process
The complexity of mining is constantly driving up. Currently, it has reached $700 billion, continuing to increase. Indirect reasons include a network congestion, tight supply capabilities, and a liquidity shortage.
Investment activities of hedge funds and family companies
Large corporations and governments of different countries take a great interest in the blockchain technology, inspiring investors’ trust in the cryptocurrency. Increasingly, the US hedge funds and family companies make investments in bitcoin, and it is reflected in the rate growth of the cryptocurrency.
Token (ICO) reselling growth
The upturn of ICO reselling has made investments to the industry more credible. The total capitalization of the digital currency market has reached $100 billion and is still increasing. The infusion of new funds into sphere also stimulates its growth. The emergence of ICO will help in addressing the problem of capital formation.
Bitcoin legalization in Japan
The official legalization of digital currencies in Japan has become a reason for the growth of cryptocurrency exchange rate. The recognition of bitcoin as a means of payment led to the flourishing of the Japanese cryptocurrency market and provoked a softening of the position towards digital currencies in a number of other countries. Some experts believe that the Japanese legalization will contribute to the further rate growth.
Resumption of cryptocurrency withdrawals on the Chinese exchanges
In early June, the Chinese exchanges allowed to withdraw Bitcoins, having lift restrictions imposed by the PBK on February. This loud event naturally drove up the exchange rate. Trust in cryptocurrencies has increased, which has led to a keen demand and a price jump.
Australia abolished double taxation on the cryptocurrency
The issue of double taxation lifting had been discussing for a long time. Finally, the resolution was carried. The new taxation mechanism is expected to work from July. Traders predict a new jump in Bitcoin rate in July, as well as the return of cryptocurrencies withdrawal from the Australian market to their homeland.
Mass media has played a significant role in the popularization of Bitcoin, publishing the information about new blockchain projects. Blockchain technology make inroads in many branches of human activity, causing interest and trust in blockchain products, including Bitcoin.
Note: Russians are also actively interested in the world's first cryptocurrency. This is evidenced by numerous calls from clients to the Moscow Stock Exchange and clarification of the conditions for the digital currency acquisition.
Moreover, Russians are greatly interested in dual currency BTC-cards, as well as legislative standards for digital currencies. According to brokers of the Moscow Stock Exchange, the volume of crypto operations has grown by 50%.
Read also: A Review on Bitcoin Cryptocurrency
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