Recent events in the last month of 2015 have caused the price of bitcoin to spike, reaching over $450; a record high for the year. For historic price charts, you can visit exchanges like Coinbase Price Charts. The question is, what does this mean for the next year? Some believe the price could hit $1,000,000 for one bitcoin?eventually.
Here are some factors that have both caused the price to rise and that may affect how mainstream bitcoin is becoming.
Satoshi Nakamoto Identified?
Media outlets like Wired, believe they revealed the identity of the inventor of bitcoin as Craig Wright from Australia. Is this really relevant? No. But the media coverage does bring awareness to the bitcoin industry for new investors, users and enthusiasts alike. More attention means more trades.
Overstock Digital Securities on the Blockchain
As outlined on the Blockchain Blog, Overstock announced over $500 Million in digital securities on the Bitcoin Blockchain. This coupled with big money names and billionaires turning more toward the cryptocurrency like Russel Branson from Virgin and a former White House Staffer joining Bitfury and raising $60 Million in investment funding, means mainstream acceleration.
Some Factors Indicating A Price Increase
In an article from the DC Academy outlining 8 reasons the bitcoin price could rise in 2016, a pattern is clearly emerging. Among them are basic economics like supply and demand, Wall Street trading with bitcoin after SEC approval of the cryptocurrency, China and Europe’s fears allayed and banking institutions getting involved.
How long before bitcoin payments are accepted nearly everywhere you shop? Probably not as long as you think, especially if this exponential growth continues. The question is, will you already have your passive bitcoin streams in place?