Blockchain

2017 Will Be the Best Year for Bitcoin

With Bitcoin price rising like an eagle, albeit a slight slump on Christmas, it ricocheted back impressively heading to $1000.

In fact, next month is precisely eight good years since the first Bitcoin block was mined.  In less than a week, the price rose more than 12 percent and looking at some factors the prospects in 2017 are all auspicious. Bitcoin experts believe that the current trend of an upward adjustment for the pioneer cryptocurrency will continue unabated in 2017.

Roger Ver, also known as Bitcoin Jesus, and owner of Bitcoin.com holds the belief that there is good reason to think that 2017 will be the best year for Bitcoin. In an interview with Cointelegraph, the astute crypto investor was very optimistic that the best thing that ever happened to Bitcoin will occur in 2017.

Bitcoin ETF in 2017?

For a couple of years now, the Crypto Community is eagerly waiting for the green light for a Bitcoin Exchange-Traded Fund (ETF) to usher Bitcoin into the financial mainstream. However, this has been elusive even though not impossible. It will be recalled that the Winklevoss twins filed for an ETF with the SEC in mid-2013.

Many are of the view that if ETF becomes a reality in 2017, the industry will see the best of its times. Nevertheless, others are of the opinion that this won’t see the light of the day. Yet Roger firmly believes this will be possible in 2017, and it will lead to unprecedented positive consequences for Bitcoin.

“It has been possible from day one, but the regulators have delayed it, and denied the ability of mln of people to easily participate in the Bitcoin economy via financial instruments that they are already familiar with.”

Blocksize challenges

The biggest trial for Bitcoin at the moment and something that saw an intense discussion with passion throughout 2016 is the Bitcoin blocksize. Alas, just a few days to end the year and no concrete agreements are in sight. A slow transaction is pushing many people and businesses to integrate alternative cryptocurrencies.

To Roger Ver whether a hard fork in 2017 is possible is a tough question to answer. “This is the $15 bln question. I wish I had a definite answer for you, but we just don’t know yet. It is also worth noting that a hard fork is just another name for a protocol upgrade,” the Bitcoin early adopter humorously pointed out.

Even though the community has optimistic expectations for Bitcoin in the coming year, the fact remains that the issue of the block size is still retrogressive to the ecosystem. All is not gloomy since there are solutions like Bitcoin Unlimited, SegWit and others that have been offered as a solution.

Security issues

On the other hand, the rise in Bitcoin’s price has also created an apprehension of hackers striking exchanges. Bitfinex lost $70 mln this year after it was hacked as a result of a faulty multi-signature.

Community members are concerned that the hacking of Bitcoin Exchanges could lead to a lower price rate and dissuade people from Bitcoin, but Roger expressed a different opinion that is far from the general outlook.

“Since no single exchange has a significant market share at this point, I don’t think individual exchange hackings are likely to have any long-term effect on the price,” Roger eloquently countered.

Bitcoin will regulate governments

One noticeable trend in 2016 is the manner in which governments around the world have made a u-turn on Bitcoin offering to legalize it and then regulate. Countries like Russia and Vietnam after years of outlawing Satoshi shamelessly admitted it is unstoppable and rescinded such a position.

Refreshingly Japan also announced it would soon scrap the sales tax on Bitcoin transactions and purchases. The move was welcomed news for the Bitcoin community in the Asian Tiger Country.

Will 2017 see more regulations from the nation state over Bitcoin? Roger Ver, as usual, has something prudent for you in 2017 and beyond: “Of course. That’s what governments do. In the end, though, it will be Bitcoin that regulates governments, not the other way around.”


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