Bitcoin Prices To Grow Even Stronger Than What It Is At Present

Bitcoin at the starting of 2017 showed some intensely fluctuating price indices which grabbed the attention of bitcoin enthusiasts as well as governments worldwide. With the kind of soaring heights the bitcoin prices have attained in 2017, it looks almost certain that it is going to further rise in the remaining part of the year. Further, Government wars and restrictions on the said cryptocurrency is promoting its resilience and strong character. Added to this, a huge volume of new user base of this cryptocurrency has made it more stronger than ever in 2017.

According to Michael Vogel, CEO(Netcoins), Bitcoin is witnessing a breakout year in the context of the number of new users added in 2017 and its continued adoption on a global scale. He further adds saying that Bitcoin is going to establish such a benchmark this year, matching to which will become extremely difficult for any other cryptocurrency in the coming years.

Despite having seen a few worth noticeable uncertainties in China in context of exchanges halting withdrawals and a number of setbacks early this year, it has shown a fairly strong price character so far. As a matter of fact, it had always recovered under a very short span of time from its falling down, even at the start of 2017.

The Two Major Factors Making Bitcoin Price Rise

1st Contributor

Bitcoin’s strength as a global cryptocurrency leader has been supercharged this year with banks and financial institutions realizing the fact that Blockchains are quite useless without Bitcoin's proof of work and waving the flag of Blockchain, which they did throughout 2016 is not a feasible idea.

And hence the results clearly depicted that Blockchain Applications were even worse when compared to their existing solutions with people and businesses finally realising that Bitcoin is the only impressive thing to give importance to on Blockchain.

2nd Contributor

Government in the name of war against money laundering has further subsidized the growth of Bitcoin, driving people towards it by intensely campaigning on the national cash supply issue. And hence, the government is building more and more friction towards fiat money under their war on money laundering which is creating a very negative impact on the regular people that are not even remotely involved in these darker and unlawful things like laundering.

This is promoting people to buy some bitcoins to experience what it feels like to own their own money.

Also Read : Bitcoin Gives You An Edge Over The Centralized Payment Systems

Bitcoin on a Brink of Setting Some New Benchmarks

Michael Vogel, CEO(Netcoins), while speaking to Cointelegraph expressed his positive views on the rising bitcoin prices this year. He stated that a larger percentage of their customer base consits of the new customers who have discovered Bitcoin as the best alternative to any other cryptocurrency they were using earlier. And that is why, they have recently loaded up their newly created Bitcoin Wallets. As a matter of fact, in January, we had witnessed a record traffic to our Virtual Bitcoin ATMs.

To conclude, I would say that with the current rate of addition of new bitcoin users globally, the upward trend in Bitcoin Price will further grow as the time go by. The fact that despite hiccups and negative press releases, bitcoin transaction volumes and trading figures are continuously growing clearly deciphers its growing popularity and relevance.