Critics expressed immense scepticism that Bitcoin was really anything unique at all. To them, it looked like just another new medium by which people are ripped off, scammed, and defrauded at worst.
Being referred to a type of investment that’s “a pure gamble” – the sentiment echoed by Tony Robbins who said investing into Bitcoin is “like going to Vegas”.
But Bitcoin is today the biggest cryptocurrency in the world and is the most widely-adopted by exchanges. And Bitcoin has been a pioneer in the field of virtual currencies.
And although its success lasted a while as it has also since been a bit overshadowed by easier to use rivals with Bitcoin having lost market share to newcomers like Ethereum and Ripple.
Just last year the cryptocurrency Bitcoin has been surging in the stock market. In 2017 the cryptocurrency Bitcoin has been making news for its seemingly unstoppable rise in the stock market. It also seems to not be slowing down any time soon, with analysts predicting the stock price to still rise high.
And some investors, like Social Capital’s Chamath Palihapitiya, thinking the price will reach $100 000 per coin in the next three to four years and can go up to a million dollars per coin in the next 20 years, is what he told “CNBC”.
Another analyst who told CNBC that Bitcoin could hit $100 000 in 2018 is Kay Van-Petersen, at Saxo Bank who correctly predicted the cryptocurrency’s rally at the start of last year.
His forecast in December 2016 that bitcoin would reach $2 000 in 2017. At the time, bitcoin was trading below $900, according to CoinDesk, a website that tracks the price of digital currencies on a number of different exchanges. Bitcoin blew past the $2 000 figure in May, reported “CNBC”.
Van-Petersen who owns different cryptocurrencies and is a noted bull in the space, also said. “Bitcoin will be driven by a larger uptake of institutional investors and futures contracts,” reported “CNBC”
Bitcoins can be bought and traded on exchanges like Coinbase, which have become the pre-eminent market for the cryptocurrency. The number of Coinbase accounts grew, with new customers joining a day.