Bitcoin has been projected to continue increasing in value, and this only shows that it is never too late to invest in the cryptocurrency. The bitcoin price is attractive now because it was initially designed to continue appreciating. This cryptocurrency is highly sought after by speculators, and many venture capitalists are now predicting that one Bitcoin will be selling at around $10,000 by the end of 2018.
Initially, many people were skeptical about the prospects of this digital currency because nobody knew what it was all about, how it worked and how it would be regulated by governments. It was also viewed as a pyramid scheme and a bubble that soon or later would burst.
However, through the years, the cryptocurrency stabilized and has seen exponential growth both in terms of the number of transactions conducted per day and the wide acceptance by financial institutions and mainstream lenders. Many bitcoin news agencies suggest that the stabilization of the currency, its legitimization by financial institutions and the limit on its circulation or supply will always continue to impact the future growth of the currency. Perhaps one factor that has led to the steady growth of bitcoin is market forces of supply and demand.
There has been a steady demand for bitcoin since 2015. This demand has seen many buyers snatching up the cryptocurrency offered for sale. In China alone, the demand for Bitcoins has been steady since 2016 due to the weakening of the Chinese Yuan. On the other hand, the supply of this cryptocurrency in the market is slowing down.
This has been driven by the difficulty in mining the currency due to the complex algorithms used. The mining software needed to solve the algorithms is also expensive which has forced the supply to slow down. With less supply and high demand, this will only see the value of bitcoins continue to increase in the coming years.