Bitcoin Price Smashes Through $10,000 Level
Bitcoin prices may have been on a tear for the majority of 2017, but the end of the year has seen an unprecedented increase in value, just recently breaching the $10k threshold.
Some people are convinced that Bitcoin prices are just getting started, and that we are at the start of a revolution in how people use currencies and conduct transactions. Other people have suggested that the sudden widespread popularity of Bitcoin represents a bubble that will end in tears for many investors.
Let’s take a quick look at what happened to Bitcoin prices in 2017 and what the future might hold.
2017 Bitcoin Prices: A Volatile Year
While Bitcoin has so far surged 900% in 2017, the direction of Bitcoin prices has been far from a straight line. Bitcoin prices have undergone a number of ups and downs in 2017, as they faced potentially catastrophic splits among Bitcoin supporters, the introduction of securities and investment vehicles tied to Bitcoin, the bad press from a number of major figures in the world of finance, among a number of other positive and negative factors.
The most recent surge in prices has been tied to a growing awareness and acceptance of Bitcoin and other crytpocurrencies in mainstream culture. Whether this is the start of a new era marked by mass acceptance or the end of a period of mania marked by mass hysteria remains to be seen.
The Future of Bitcoin Prices
The future of Bitcoin prices now depends on how widely accepted Bitcoin becomes as a means of storing value and undertaking transactions. If the ability of average people to buy, sell and spend Bitcoins continues to grow, then there is no telling how high Bitcoin will go.
However, if Bitcoin remains little used by actual people as a store of value and means of transacting, then the current mania will likely pass and the stratospheric increase in Bitcoin prices will either slow or reverse.
Regardless of what happens Bitcoin has earned its place in history, and people cannot wait to find out what Bitcoin’s future holds.