Bitcoin Price: $1,000 in January, $1,750 in May. What’s Next?

May 09, 2017 at 13:10 // Price
Author
Nina Lyon

The Bitcoin price has already surpassed its historical maximum and confidently goes higher.

The year 2017 began with a sharp rise of the Bitcoin price to $1,000. Experts expected the price to go further, while experienced users who had already faced losses because of the Mt.Gox collapse and Bitfinex security breach were unwilling to express that confidence. However, Bitcoin moves further.

Bitcoin price, Jan-May 2017

Going to reach $2,000

In the beginning of May 2017, the Bitcoin price was about $1,400. By Monday, May 8, the price for one BTC was about $1,660 and the next day, May 9, it is already more than $1,800 USD per BTC. Should we now expect it to reach $2,000 by the beginning of June?

Bitcoin price, May 9, 2017

Saxo Bank, the online multi-asset trading and investment specialist, released its annual set of 'Outrageous Predictions' for the year 2017 in December 2016. Its predictions mentioned Bitcoin to grow in value and rise up to the level of $2,100 in 2017

It stated: 

“As the banking systems and the sovereigns of Russia and China move to accept Bitcoin as a partial alternative to the USD, Bitcoin triples in value, from the current $700 level to $2,100.” 

Moreover, the trend that we observe now says that his prediction should come true. 

Maybe $3,000 by the end of 2017? 

There are experts who see an even a brighter future for Bitcoin in 2017. Adam Davies, a consultant at Altus Consulting, who works with large financial institutions on technology has predicted that the price of Bitcoin could hit $3,000 by the end of the year. He stated in an  interview with CNBC: 

"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" 

Among the main reasons for such price jumps in 2017, some experts mention the political situation in the US (new strategy of president Donald Trump), Europe (facing Brexit and elections in Netherlands, and France), Bitcoin adoption in Japan, the warming attitude towards Bitcoin in Russia, etc. 

Furthermore, Peter Smith, Blockchain CEO and co-founder, and Jeremy Liew, the first investor in Snapchat, suggestedthat bitcoin's price could reach $500,000 by 2030.  If we imagine that this will happen and the price rises gradually, the Bitcoin charts for 2017-2030 may look like this:

Possible Bitcoin price by 2030