Despite several negative predictions, Bitcoin price has shown significant strength in its upward movement. Apparently, there has been an influx of capital as a result of many new participants within the industry.
According to Jeremy Epstein of Never Stop Marketing, there has been over $35 bln invested in crypto overall since the beginning of the year. Epstein notes that the tech and the space over all are becoming normalized. Hence the influx of new participants as investors seem to be more comfortable with the environment.
Making specific reference to Bitcoin, Epstein says:
“The most popular on-ramp to crypto is Bitcoin. It is the “reserve currency” of the crypto world, so everyone pretty much is going to have some of it. As more people join, the price will definitely go up.”
Internet entrepreneur and cryptocurrency investor Vinny Lingham reveals his expectation for Bitcoin to reach $3,000 in 2017.
This prediction was made in a series of tweets where he narrated his activities of the recent past and hopes for the future concerning Bitcoin and other altcoins.
Lingham’s prediction comes just days before Bitcoin reached an all-time high of over $1,730.
However, Lignham notes that he does not discuss his trades in alts and tokens in order to avoid influencing the market.
“The reason I don't discuss my alt and token trades specifically is that I don't want to pump and dump coins. My profits there are honest.”
Managing the roadblock
President of Crypto Consultant, Jason Cassidy also indicates that achieving this landmark by Bitcoin is a possibility if the hard fork situation with Bitcoin's scaling issues can be resolved without too much damage to the reputation it enjoys today. “We saw how resilient the market was to an ETF rejection, creating only a minor, short-lived buying opportunity,” he says.
He explains that currently, Bitcoin serves as a store of value given its superior utility of moving around large amounts of wealth. Today, it is much easier to move millions of dollars of value via Bitcoin than it is through the traditional banking system, from both a time, cost, security and administrative (red tape) perspective.
Blazing the trail
Cassidy also notes that mass adoption of Bitcoin will eventually take place if Bitcoin is able to offer consumers more than a settlement layer for high-value transactions.
“Japan is beginning to experience this and we still have issues unresolved in the protocol that are well known. Consider the affect Japan is having on the price now, multiplied by several other countries simultaneously going through a similar adoption wave. Once this begins, it will be unlike anything comparable in recent human history and the $3,000 mark will be reached and exceeded in short order."