December 15, 2016
The Bitcoin price has reached heights not seen since 2014 in recent months. As 2016 draws to a close, all eyes are on it.
Cryptocurrency prices are always a favorite Twitter topic for entrepreneur Vinny Lingham. For the uninitiated, he is one of the “sharks” on Shark Tank South Africa and one of bitcoin’s enthusiastic proponents. (In addition to being CEO of Civic, a blockchain-based identity theft protection service, and founder of Gyft, a bitcoin gift card provider.)
Earlier this month Lingham weighed in on the recent price highs, tweeting: “It’s not entirely clear how long Bitcoin still needs to trade in the 700’s to clear out latent supply, but I doubt we will notice the 800’s.” In other words, once the Bitcoin price breaks $800, it will be on a swift upward trajectory. $825, $850, $875…it will all be a blur. Blink, and we’ll be in the $900 zone.
It should be noted that Lingham is something of an oracle of cryptocurrency. We have seen his predictions come to pass, such as Ethereum’s price drop over the summer. He’s also been spot-on with price analysis on his blog.
Dramatic Bitcoin price movements were also among Saxo Bank’s latest “Outrageous Predictions” for the coming year. The Danish investment bank foretold Bitcoin tripling in value in 2017, largely as a result of Donald Trump’s spending policies and other geopolitical goings-on.
This prediction was not meant to be taken at face value. It was meant to stir up conversation, and it did. At a certain point the original intent can go missing, especially when the mainstream media are in the mix. Maybe, just maybe this fairy dust could nudge the real-world price.
The more interesting thing is this: Saxo Bank’s prediction went so far as to envision the price surpassing $2,000. They were being outrageous, remember? Our friend Vinny Lingham predicts that bitcoin could reach $3,000 in 2017.
You might want to keep an eye on the exchange rate. Scroll down on our home page for the calculator.