Bitcoin got to an all time high this year and grew from around $432 dollars at the beginning of the year to a maximum of $750 in May/June. You would have thought that is the best it could go but it retreated in August to September getting to a low of $600/BTC range. It rallied again in October to November to the upper $700's as China devalued the yuan. Still think that is too much it still rallied some more and is ending the year at about $972.
It grew over 120% this year and performed at the market better than any currency on earth. It rallied up to $150 dollars in the last week of the year alone and so many people are taking solace in getting bitcoins as a storage for their wealth. Gold use to be the standard for years but even gold has been caught in the governent policies and the currency control strategies of the government.
For example, India just made about 85% of its paper currency illegal. They’ve required people to bring in the most used fiat currency bills to exchange them for new ones. The problem is if someone brings in too much “undocumented cash”, they’ll tax and potentially fine the person.
Also, India has set a limit on the amount of gold a family is legally allowed to own. Gold has been a store of value for Indians for centuries, which is typically passed down through generations. Now the Indian government is searching, raiding, and confiscating gold from families!
Chris Dunn (2016) Global Economic Problems Driving People To Bitcoin.
Government policies, currency control and hyperinflation in countries like China, India, Venezuala etc have driven billions of people to accept bitcoin and I know it would still go up come 2017.
So if you still think Bitcoin is a fluke or a passing fad. Think again. Stop wasting time and see how you can profit from this moving train.
Don’t know how bitcoin works, learn how here.
