Bitcoin’s 500% Growth in One Year is Impossible to Ignore
11 October 2017 Posted / 19028 Views
It has been a roller-coaster affair for Bitcoin since it crossed the $1000 mark at the beginning of 2017 as entire ecosystem has experienced a high energy atmosphere throughout the course of the year.
Extensive activities have become regular occurrences in every aspect of Bitcoin development this year. This is observed in the areas of the technology itself, the evangelical activities of members of the community (both in support and against the entity), government interventions and institutional regulations or its attempt thereof.
The above mentioned developments have resulted to a very volatile community that is reflected in Bitcoin price action over the course of the entire year. However, despite the huge swings and assumed instability of Bitcoin, the cryptocurrency has increased in value by almost 5 times since the beginning of 2017.
CEO of Netcoins, Michael Vogel tells Applancer Blockchain that Bitcoin is on track to become a transformative force.
“I have been involved with Bitcoin for a number of years, and I have personally noticed a swing in public opinion of Bitcoin in 2017. There was certainly a lot of evangelizing in the early years, but Bitcoin now has a significant proven track record and is on track to become the transformative force everyone hoped it would become.”
Vogel notes that the overall Bitcoin price increase is a terrific reward for early adopters, however many early adopters are drawn to Bitcoin by its unique technological and economic promise. Vogel thinks that the reason why the narrative on Bitcoin has changed so much in 2017 is that an almost 5x increase is impossible to ignore. “This type of rally is exciting for new users”, he says.
Vogel explains that in addition to creating a lot of wealth in the Bitcoin ecosystem, the significant increase in price definitely helps in encouraging new users to discover Bitcoin.
“We find this a lot with new customers at Netcoins - they tell me that it is now impossible to ignore Bitcoin given it's price trajectory.” notes Vogel
Rather than being ignored, Bitcoin has experienced a series of attacks in the last couple of months. As the pioneer cryptocurrency and the largest, both in market capitalization and volume, any action within the ecosystem usually reflects on Bitcoin in a significant way.
One of the major governments whose actions have been loud and frequent around the Bitcoin and general crypto market is the government of China. At least in every quarter of 2017, there has been one or more significant event from China that raises the entropy of the Bitcoin market. Most recent is their coming hard on exchanges and forcing them to shut down.
Apart from government actions, the protracted debate and eventual fork of Bitcoin also caused a lot of ups and downs within the ecosystem. Through it all, like the proverbial cat with nine lives, Bitcoin seems to have emerged stronger than ever.
It is popular knowledge that Bitcoin and cryptocurrencies are still in their early stages and a certain degree of instability is expected. However, the general consensus in the Bitcoin community is that while 5x annual returns won't be possible forever, Bitcoin is certainly in an accelerating growth phase, and will likely continue the pattern of volatility and overall appreciation.