Bitcoin: What Comes Next?
Jan 31, 2018 12:51PM
By Justin Thyme
2017 was an amazing, history-making year for the financial markets and Bitcoin led the parade. Bitcoin was up 1,400 percent in December driven to more than double, even the bullish projections, by the misunderstood prospects of the SEC and Commodities Futures Trading Commission approvals for this newly regulated financial asset. It is no wonder then when the crypto-currency world took a step back to assess what just happened and trading volume dropped, so did the Bitcoin price—by 50 percent at one point. While experienced Bitcoin investors knew better than to panic at another re-adjustment of this volatile crypto-currency, even at this scale, newcomers might have had a totally different experience.
Who exactly is playing in the Bitcoin/crypto-currency space?
- 60 percent of Americans now know about Bitcoin but only 5 percent own any
- 21 percent of that 5 percent are considering adding it to their portfolios
- A supermajority is male and under 34; 58 percent are white
- Older Americans account for about 1 percent of Bitcoin owners
- Bitcoin owners are politically independent by half
Here are a few headlines to add some perspective:
Van-Petersen said Tuesday that Bitcoin could hit between $50,000 and $100,000 in 2018
Van-Petersen now says Bitcoin will be driven by a larger uptake of institutional investors and futures contracts.
Thomas Lee, Head of Research at Fundstrat Global Advisors, expects Bitcoin to reach $125,000 by 2022.
Over the past year, crypto-currencies spiked while gold markets slumped and when gold prices jumped, digital assets dropped in value.
No matter your perspective, 2018 and Bitcoin should, at the very least, hold your attention.