The jump in the price of Bitcoin over the $900 mark in the last few days of 2016 has been considered a twist that would further push the digital currency, whose market cap is near the $15 bln mark, into the mass markets.
DECENT CEO Matej Michalko notes regarding the spike:
“This is a major advance in the understanding of Blockchain technologies by the early majority. Bitcoin is on its way to mass markets.”
Breaking the record
Bitcoin’s current price of $903 is only a 25 percent increase shy of its all-time high record of $1,127, according to figures from CoinMarketCap. Recent developments show that a record high is just around the corner unless a huge setback pops up.
For the CEO of BnkToTheFuture.com, Simon Dixon, this end of year spike will have a lasting effect so long as governments continue to make policies that keep driving users to Bitcoin.
“This year the Bitcoin price had a slow steady increase in price followed by a large end of year spike,” says Dixon. “Unlike the Bitcoin of past, the increase has been met with increasing volume and use and a real fundamental need as governments all around the world rage a war on cash, engage in cross-border currency wars and continue to support traditional markets with irresponsible fiscal and monetary policies.”
A race for cheap Bitcoins
According to Dixon, the latest year-end spike has turned Bitcoin into the “dissatisfaction of global monetary policy index.” While the price may correct, governments are effectively subsidizing the growth of Bitcoin by driving more and more users and investors to Bitcoin through policies that put nationalism before its population.
Dixon added that the year has been good for investors and is a sign of what to expect in the coming year.
“This year was a race for the cheap Bitcoins by investors. I believe that institutional investors all around the world will drive even more sustainable growth in Bitcoin throughout the year ahead,” he added. “This has been the most sustainable steady growth we have ever seen in Bitcoin with plenty more to come.”