Bitcoin prices skyrocketing and predicting $3,000 by end 2017

Tinuku ~ Bitcoin's sheen and price skyrocket. Bitcoin's digital currency is high, prices set a record high on Thursday 11 May at US$1,820, although a day later it dropped to US$1,800. But prices have skyrocketed 91.26 percent since 2016 as more countries are legalizing this future currency.

Tinuku Bitcoin prices skyrocketing and predicting $3,000 by end 2017

During May 2017 Bitcoin prices rose 39.54 percent and market capitalization grew larger. This week, Bitcoin's market cap increased by US$3 billion to US$29.53 billion. Strengthening Bitcoin prices happen as some countries begin to recognize this virtual currency.

Japan on April 1, 2017 declared Bitcoin as an official and legitimate payment instrument. This Japanese policy also boosted the price of Bitcoin as demand increased. Russia is setting the digital currency, while the Central Bank of Australia will also open the virtual currency opportunity as a means of payment.

"More than 50 percent of Bitcoin's trade volume is in yen denominations," said Brian Kelly, Chief Executive Officer of BKCM.

Meanwhile, the United States proposes to create a trading on the exchange that allows institutional investors into Bitcoin, even though the Securities and Exchange Commission (SEC) rejected the request.

In Indonesia there is no rule about virtual currency. Bank Indonesia (BI) often confirms that virtual money like Bitcoin is not a valid means of payment in Indonesia. Whereas Bitcoin is very prospective if buying and selling at the right time.

"Bitcoin prices are up and down depending on market demand," said Oscar Darmawan, CEO of Bitcoin Indonesia.

Darmawan says Bitcoin helps people to shop on the internet. Many Indonesians do not have credit cards and banking access. Bitcoin is also safer than a credit card considering there is no need to enter a card number that can be misused.

Probably, bitcoin prices will be more expensive. Aurelien Menant, Founder and CEO of Gatecoin, predicts that the price of the digital currency could reach US$3,000 by the end of 2017.