Bitcoin may hit $3000 this year

After the recent rally, which Bitcoin beat the price of gold and making new record highs, analysts believe that it is possible the price to reach $3,000 by the end of the year.

The price of crypto-currency has risen by 195% over the past 12 months, due to a number of factors such as increased regulation by the Chinese authorities to clamp down on money laundering, demonetization in India that causes people to seek alternative store of value, and the volatility and uncertainty in the global economy.

Adam Davies, consultant in Altus Consulting, who works with large financial institutions on technology, predicts that Bitcoin could go even higher as it becomes more powerful and more commonplace. Moreover, the uncertainty of the markets and currency fluctuations make people look to divest.

Experts believe there are several factors that would have helped the rise of Bitcoin this year. Among them are the expected approval of Bitcoin-based exchange-traded fund, created by Tyler and Cameron Winklevoss, also that Japan recently passed a law that allows digital currency to be used as a standard method of payment, which further increases the credibility of the crypto-currency.

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