Bitcoin price just just below $4,000

If you haven’t been following the price of bitcoin in 2017 then you’ve missed out on one of the most impressive price runs in history. Bitcoin has seen a wild year of major price rises followed by flash crashes giving up 30% of its value or more in a matter of day, to then follow that up by an even bigger rise and yet another shard price decline. So what’s fueling this volatility? The price of bitcoin has been largely driven by speculators according to Robert Schiller, a Yale Professor and Nobel Prize winning author for his writings on financial market bubbles. Bit its not only speculators driving up the price of bitcoin. Many people see it as an investment opportunity and so far they’ve been right. Its been one of the best investments of the decade at current levels. Trading bitcoin is not for the faint of heart as its also one of the most of the decade as well. Many people are wondering where the price of bitcoin will head to next. On Reddit/r/Bitcoin there is no shortage of bitcoin enthusiasts, calling themselves “holders” who believe bitcoin will go up to $10,000 or even $100,000 eventually. In the Media there is no shortage of financial analysts that believe bitcoin is in a bubble and will eventually crash. There’s no telling which side will win the heated debate. Its very likely that they are all right. Given bitcoin’s historical price movements then sudden price crashes are likely as its happened several times throughout its nine years in existence. Then again, it has also seen one of the largest percentage price increases in history so if the fundamental technology behind bitcoin continues to develop and it can reach critical mass the long term price appreciation could continue to gain for years to come. Only time will show us the final outcome.

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