Bitcoin Price Keeps Rising, Now Exceeds $1,000
Cryptocurrency bitcoin is off to a hot start in 2017. On its first day of trading in 2017, it broke $1,000, which is the first time in three years it has been so valuable. As of this writing, the price is listed at $1,062.02, which is the highest it has been since it reached $1,216.70 in 2013.
Bitcoin’s value soared over 100% in 2016 and has been on the rise since it reached a low of $220 in August 2015. Over the last month, the value has increased 30%, and it has seen a 50% increase over the past three months.
Many bitcoin traders are optimistic due to these recent price increases, and are anticipating a value of $1,400 to $3,000 by the end of 2017.
Ryan Rabagli, head trader at Octagon Strategy, told CoinDesk, “We believe [bitcoin’s use] as a legitimate alternative investment is going to be a major theme of 2017… Things are looking up, and the market has and will continue to reflect that. We’re expecting to see prices north of $1,400 by year end.”
Globally, more countries are adopting the technology, which could explain its price increase. Switzerland has become particularly bitcoin-friendly. Its railway ticketing system has adopted bitcoin ATM functionality, and the Switzerland office of Ernst & Young has added a publicly accessible bitcoin ATM.
In the United States, companies such as KeepKey are developing more secure storage products for cryptocurrency, which is helping the technology gain momentum.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.