Bitcoin prices are continuously rising and creating new ALL-TIME highs every day. Investors and traders are enjoying this price rally which are fetching them returns better than Gold, Stock Markets, Bonds and even Real estate.
Bitcoin coin prices were predicted to be at $2000 at the end of 2017. Halfway of 2017 is not yet reached but Bitcoin prices have already crossed $2000 and at the time of publishing this article, Bitcoin price was $2207. In Indian Markets, Bitcoin price was around Rs.1,60,000.
Bitcoin prices are continuously rising. Reasons being countries are legalizing it ,declaring it as official mode of payment, introducing tax policies on it. As governments of various countries are recognizing it as a legal tender of money, merchants are starting to accept Bitcoins in payments. This is allowing their customers to pay in Bitcoins and speed up the process. As a result, Bitcoin’s popularity is increasing which is increasing it’s demand and hence prices are increasing.
This information might not be new.But here are some major reason that can boost Bitcoin prices.
In a Consensus conference held on 21 May in New York, Bitcoin miners reached an agreement to go in favor of Segwit, according to some sources. The conference was attended by some big names in crypto industry. The activation of SegWit may happen before September 2017.
The activation of SegWit is not yet confirmed may be likely to happen as it is required. Bitcoin transaction these days are getting delayed in some cases upto 2 days. The activation will surely bring back the interest of Bitcoin users.
Japan was the major player in Bitcoin market. Around Fifty percentage of Bitcoin trading was happening in Japan. But for the first time in twelve months, US overtook Japan and now is having more Bitcoin trading volume than that in Japan. Japan has not reduced it’s trading volume but US has increased it’s trading volume which clearly means that Bitcoin trading volume is increasing in both the countries. As a result prices may increase in a short term prospective.(click here to read more details)
Bitcoin is neither legal nor illegal in India. Bitcoin is not regularized in India. India entering into top five developing economies is a big,huge market for Bitcoins.
“Digital India”, an initiative launched by Honorable Prime Minister, Shri Narendra Modi, aims to make India, a digital economy. Bitcoin can get maximum advantage in India due to this programme, as people in India are looking for digital options to send/receive payments.
Indian government has set up a committee to examine virtual currencies such as Bitcoin and submit it’s report to government in June. It is expected that Indian government will legalize Bitcoins and hence it may boost the confidence of Bitcoin community in India.
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Top Ten CryptoCurrencies as on 21 May 2017
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