September 2, 2017
This historic Bitcoin milestone was predicted by Bitcoin proponents well in advance. To some, it was only a matter of time. Others are aiming much higher. None of which dulled the excitement when the Bitcoin price reached an all-time high of $5000 USD per BTC on the CoinDesk Bitcoin Price Index on September 1!
2017 has been an incredible year for Bitcoin. The stats are staggering: Over the past eight months the BTC price has climbed over 700%. The top digital currency has outperformed all government-issued currencies, as well as the majority of stocks and commodities. Market cap, trade volume and other factors position Bitcoin as the top-performing currency in the world.
Not surprisingly, Bitcoin’s extraordinary performance has captured the attention of banks, governments, high-profile investors and the mainstream media. It’s not unusual to see BTC news coming out of Bloomberg, CNBC, CNN, the Wall Street Journal or Barron’s. We see this as a sign of growing acceptance. Or maybe, a crack in the traditional financial paradigm.
The SegWit activation on August 1 no doubt added to the momentum. This technical upgrade gave us faster, cheaper transactions, adding to the appeal of using Bitcoin for buying and selling, as well as investing. Transaction capacity is expected to increase even more in November, when the “hard fork” will take place. (Stay tuned on that.)
Where do we go from here?
The unprecedented surge triggered a sell-off today. This is natural trading behavior, following the old “buy low, sell high” adage. Not very surprising. The dip could be a mere blip, followed by another uptick, or the beginning of a correction. Analysts are split in their opinions. Among the more bullish, Ronnie Moas of Standpoint Research raised his mid-2018 price target to $7,500, and sets his sights as high as $20,000 by 2020. Max Keiser revised his interim price target – previously a dead-on $5000 – to $10,000.
Regardless of where the price goes from here, everyone can agree that the $5000 Bitcoin milestone is downright monumental. Visit SpicePay’s Bitcoin exchange, start accepting Bitcoin (if you’re in ecommerce), and come back often as the story unfolds.