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Friday, June 2, 2017

Bitcoin may hit $4,000 by the end of the year: Analyst

Bitcoin may hit $4,000 by the end of the year: Analyst

The digital currency bitcoin is currently still near all-time highs, but bullish calls remain for the asset. One investor thinks it could almost double to $4,000 by the end of 2017.

Bitcoin hit an all-time high in late May, reaching to $2791.70 according to CoinDesk data, recording a 180 percent rally year-to-date. There was a subsequent price correction towards $2,100 but bitcoin currently stands around $2,468.56. The market cap for bitcoin has swelled to more than $40 billion.

The bitcoin rally has been fueled by several causes:

  • Japan passed a law in April recognizing the digital currency as a legal method of payment, leading to a surge in demand from Asian countries.
  • The U.S. Securities and Exchange Commission is reviewing a decision regarding approval for a bitcoin-based exchange traded fund proposed by Cameron and Tyler Winklevoss, known for their lawsuit against Facebook founder Mark Zuckerberg.
  • Other countries, including Russia, are looking at how to regulate bitcoin in order to tax it, but this could further stimulate demand for the cryptocurrency as it becomes legitimized.

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