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How High Bitcoin Go 2017 Many Say $10,000

How High Bitcoin Go 2017, Many Say $10,000

Everyone wants to know how high can bitcoin will go in 2017 after the internet bubble like appreciation over the last few months. The search phrase how high bitcoin go 2017 has exploded higher over the last week.

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So many people are still bashing bitcoin (BTC) today. I use to be a basher. I was proven wrong.

How High Bitcoin Go 2017

Bitcoin (BTC) can go a lot higher by the end of 2017. Most people I talk with our still in a pre-2016 mindset about BTC. You know, BTC is crazy and it’s not real money. My favorite is: it’s the currency of malware developers and so that makes me too afraid to buy it. With so many people still bearish on BTC, the market can’t possibly be in an irrational bubble.

I think BTC will hit $10,000 but not by the end of 2017. I prefer a more conservative guestimate of $4,000 by the end of 2017. My main reason for predicting that BTC will be higher at the end of the year than it is today is that the BTC boom from the mainstream media running stories last week about how $100 turned into $75 million in BTC hasn’t even hit the market yet. This is the first long-weekend that Americans will have to research BTC and to get the process started of buying it. The authentication process for websites like Coinbase take days if not a week or more to actually get signed up. Then an additional 2 to 4 days is required to move funds from a US bank account into a BTC wallet.

How High Bitcoin Go 2017 and Japan’s Yen-Bitcoin Carry Trade

Another reason BTC will keep going higher is that a growing number of people, corporations, and wall-street firms are buying BTC. CNBC published an article last week on the yearly digital currency conference and how this year was very different from past yearsopens in a new window.

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BTC will keep going higher because the upward move is not being driven by speculators but instead by growing demand. Strong demand for BTC is coming from Japan and South Korea. Demand for BTC is soaring after Japan passed a law to accept BTC as a legal payment method which came in effect on April 1, 2017. Japan’s SoftBank is making big BTC investments with tens of millions of dollars in different BTC related companies. Japan is the first economy to adopt BTC at the large corporate level and that’s driving demand higher.

Think about what the people of Japan are doing. A major Japanese forex company is now letting people trade BTC and so there is a yen-bitcoin carry trade where you borrow yen at 0% interest rates and buy BTC. With the BOJ devaluing the yen, why would you want to hold yen when you could hold appreciating BTC?

How High Bitcoin Go 2017 and Beyond

Governments are increasingly looking at how to monitor BTC transactions. If governments are successful in their push for regulatory oversight of BTC transactions, we would see rapid mainstream adoption of BTC. Russia is adopting regulations on cryptocurrencies. The Deputy of the Russian Central Bank Olga Skorobogatova has called for virtual currencies to be treated as digital commodities. Russia is calling on its central bank to adopt regulations with a specific focus on tax, controls and accountability. What Russia wants to do is to make BTC transactions capable of being monitored by the government. If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations. If Russia is successful at bringing oversight to BTC, you could see Russia and many other countries adopt BTC. In fact, the reason the SEC did not approve a BTC ETF last month was due to lack of regulatory oversight.

Jeremy Liew, the first investor in Snap Inc., sets a price target on BTC of $500,000 by 2030. The mathematics behind Liew’s estimate are that currently there are 20 million BTC wallets provided by service providers like Coinbase and Blockchain. Liew expects the user base of BTC to grow 20 times in the next 13 years. If the user base grows to 400 million by 2030, that would put a price on BTC of about $500,000.

Before you dismiss Liew’s $500,000 BTC value comment as just plain crazy, here’s CNBC recommending investors buy BTC as a way to protect portfolio valueopens in a new window. When did you ever think that you’d be seeing mainstream financial media groups like CNBC recommending BTC?

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Below is the real-time market action in the Bitcoin Investment Trust GBTC and why BTC is exploding higher.

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