Unless you were living under a rock for the entirety of 2017, you have certainly heard about bitcoin. The roller-coaster ride the digital currency took in 2017 left politicians, Wall Street, everyday citizens, and corporate America wondering what is next for the cryptocurrency.
Currently, 1 bitcoin is worth $13,600 USD. One year ago a single bitcoin was only worth $934.67, which equates to a mind boggling 1,273% gain. The question for 2018 is: what happens to bitcoin from here? Can bitcoin keep the same momentum it had in 2017 and break the $20,000 USD mark, or will it turn to cyber dust and plummet in value?
Des Moines, Iowa resident Chris predicts the value of bitcoin is certain to increase. He currently owns 2 bitcoins and says he won’t sell until the price goes up. “I plan on selling when it reaches $35,000 a coin. There is no reason for me to get out now,” Chris said. He has both mined, a process where a specialized computer runs formulas to create bitcoin, and purchased bitcoin through bitcoin exchanges for the past two years.
Bitcoin was not without its skeptics in 2017, however. JPMorgan Chase CEO Jamie Dimon thinks bitcoin was pumped up in 2017 by individuals manipulating the press and that it will eventually fall in price:
"I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you're stupid enough to buy it, you'll pay the price for it one day. I've also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that. The only value of bitcoin is what the other guy'll pay for it. Honestly I think there's a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out. I quite mean that by the way. People are very good at manipulating the press these days and getting news out. Every day, you have CNBC, nonstop bitcoin — Who cares about bitcoin? The world economy's so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day."
Regardless of the coming rise or fall of bitcoin value, it has certainly created an uproar and rocked the worlds of many investors in 2017. Corporate America and everyday American citizens alike await with anticipation to see what 2018 has in store for bitcoin.