WHAT IS THE OUTLOOK FOR BITCOIN IN 2018?

Bitcoin has been in the media a lot recently. Whether it’s the celebrity status of billionaire investors the Winklevoss twins, the rise and fall of its value or the ways in which Bitcoins are mined and traded, it’s clear that more and more people are becoming interested in this new frontier of the financial world.

Ran Neu Ner said “…Bitcoin goes up, Bitcoin goes down, Bitcoin goes up and down very quickly” but also added this is “nothing new” and that it will not stop its value soaring again this year.

Indeed this seems to be the general sentiment across the wider finance community. Sites like walletinvestor.com also expect a bounce back and have predicted Bitcoin’s value to hit over USD25,000 by the end of the year.

This positive outlook from a wide range of commentators has meant that Bitcoin is becoming a viable investment option for more and more people.

Imran Wasim, a financial analyst at AMSYS Group, has said that he anticipates that Bitcoin will become “more mainstream” in 2018.

Ran Neu Ner also predicts that more people will come to view Bitcoin as a store of value — “digital gold” as he puts it — rather than as a currency. In fact he’s even gone so far as to state “…if you ask me would I hold gold at $13,000 an ounce or would I hold Bitcoin at $7,000, I’d hold Bitcoin for sure.”

While the Bitcoin hype** is more than justified, other cryptocurrencies are presenting themselves more stable and perhaps long term than Bitcoin. Ethereum (ETH) is a strong competitor, aiming to pursue further decentralisation and be more open.

Other crypto’s on the rise include Litecoin, a faster transaction solution, Zcash (ZEC) an open source cryptocurrency claiming extra security and Ripple (XRP) a cheaper alternative. It seems that cryptocurrencies are here to stay but how many will survive as competition grows?

So, If you’re interested in the digital currency revolution and want to learn more about how Australia is at the forefront of the cryptocurrency phenomenon then head to ncx.com.au and join in.

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