Is this the year Bitcoin goes ‘Boom’ ? According to a recent CNBC report, Bitcoin could hit $3,000 by years end.
The price of bitcoin could hit $3,000 by the end of the year after recently trading above gold and hitting a fresh record high, an analyst told CNBC on Tuesday.
A rise on this scale would represent a near 150 percent increase from bitcoin’s current price of $1,204 at the time of publication, and a more than 130 percent increase from the fresh $1293.47 high it set last week, according to CoinDesk data.
The price of bitcoin at time of publication is not trading above an ounce of gold, but the recent rise in price, which is up 195 percent in the past 12 months, has been attributed to a number of geopolitical and broader market factors.
Increased regulation from Chinese authorities to clamp down on money laundering
Demonetization in India which has caused bitcoin to be seen as an alternative store of value
Volatility in other currencies and uncertainty in the global economy
Now Adam Davies, a consultant at Altus Consulting, who works with large financial institutions on technology, is predicting bitcoin can go even higher.
“In terms of price this year, I think it will go up to $3,000. As it becomes more pervasive and more generally accepted, I think you’ll see rapid growth in adoption,” Davies told CNBC in an interview on Tuesday.
From the backwoods of Michigan, Thomas Dishaw is writer and health hacker. Thomas currently resides outside Philadelphia with his wife and dog. You can support Thomas' work by making a donation below or following him on Instagram. You can reach Thomas via email at email@example.com.