The Digital Currency Bitcoin continues to captivate the people around the World since its value began surging abruptly and massively earlier this year. Bitcoin entered 2017 with its value under $1,000 but by mid-December, it jumped to around $20,000, registering a gigantic growth.
However, its value then shrunk by almost 30 percent and now stands around $14,000 as per different Cryptocurrency Exchanges.
The value of Bitcoin, according to Cryptocurrency Experts, may touch even $60,000 next year as a number of large industries seem pondering over investing in it. Though the experts have also cautioned that drop down of Bitcoin price which began a couple of weeks ago may continue to last for time to come. However, they couldn’t point out the exact time frame for further devaluation of Bitcoin value.
Julian Hosp, who is the Co-Founder and President of TenX, said while talking to CNBC that Bitcoin can witness its price hitting 300 percent rise in 2018 and may end up with $60,000 per Coin next year. However, he also noted that Bitcoin value may further drop and strike $5,000, which it was in September-November 2017 last time.
Meanwhile, the values of other top Cryptocurrencies such as Ethereum, Ripple, Litecoin, Cardano, IOTA, Dash, NEM and Monero also experienced a bit improvement after recently the US Stock Exchanges registered Bitcoin for the first time.
Bitcoin, which does not have a tangible existence; and rather it’s a Virtual Currency, has been a cause of concern for most the Countries and World’s leading Financial Institutions since its inception in 2009. If most of the Countries around the globe haven’t yet officially recognized the Cryptocurrency such as Bitcoin, at the same time, some Countries including Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal, and Morocco have completely banned Bitcoin trading in their respective territories.
But according to experts; since now a few of financial giants have also jumped into Bitcoin or other top Cryptocurrencies, and huge investment is being put in Cryptocurrencies with ATMs installed in various major Countries including the United States, Canada, Japan, UK and Australia; the future of Bitcoin looks bright also in terms of its legality.