Reasons why Bitcoin could cross $100,000

Bitcoin started 2017 at $963.38 and ended the year 1,338% higher at $13,850.40. And despite its current drop in prices, analysts believe that bitcoin will touch the $100,000 mark. Here are the
reasons why:

  • Limited Bitcoins

There are only going to be 21 million Bitcoins. And so far, 16.8 million are already in circulation. Which means they are reaching the end – and everyone wants one before it’s all gone.

  • Fear of Missing Out

People don’t want to miss out on the opportunity of a lifetime.

  • Keys being Lost

Just like real life keys get lost, so do cryptocurrency keys. It is estimated that about 23% of the crypto-keys have been lost, thus making the bitcoin even more rare.

  • Large Financial Institutions Supporting Bitcoin

CME and CBOE have already launched their Bitcoin futures contracts and the Nasdaq, Cantor Fitzgerald, Goldman Sachs and Fidelity are also planning to invest in the cryptocurrency.

  • It’s more expensive and more difficult to mine them

The Bitcoin blockchain is designed to make mining more challenging as it reaches its limit. This means the price of the cryptocurrency will also go up to keep mining profitable.

  • Hoarding

Bitcoin values are expected to increase which is why many people are buying and stashing their Bitcoins. When the price is right, they will sell, but not in the near future.

  • Safe Haven Currency

While the US Dollar has been considered the safest currency in the world, there is a growing population of investors who are switching to investing in Bitcoin now. People are using bitcoin to send money to countries where currencies are an issue – like Zimbabwe or Venezuela.

  • Criminal Activities

Thanks to the anonymous nature of the cryptocurrency, it is unfortunately also a currency of choice for criminals and terrorists.

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