Predictions for the development of Bitcoin and blockchain in 2017, will the price of the currency be very strong?

2016 is almost over and the new year is an exciting time for cryptocurrencies and blockchain technology. In this article, we will look at some noteworthy predictions for Bitcoin, cryptocurrencies, and blockchain in 2017.

Saxo Bank's Bold Prediction for Bitcoin

This is not Saxo’s official market outlook, which boldly predicts that the price of Bitcoin will reach $2,100 in 2017, three times its current price.

The factors behind this forecast are that US President Trump has been spending aggressively since taking office, and the US budget deficit has exceeded $10 billion. Inflation in the US will continue to increase, and the Federal Reserve will be forced to raise interest rates, pushing the dollar to a new high.

This creates a domino effect in emerging markets, especially China, which will look for alternatives to escape the hegemony of the US global market. Cryptocurrencies as a whole will also benefit, but Bitcoin, with its first-mover advantage, will benefit the most.

As Chinese and Russian banks become more accepting of digital currencies, the possibility of using Bitcoin and cryptocurrencies to replace the US dollar has led Saxo Bank to predict that the price of Bitcoin will surge threefold from $770 to around $2,100.

Well-known Bitcoin experts also think so

At the recent Coinscrum conference, Bitcoin expert Andreas Antonopolous gave a speech on currency wars and Bitcoin neutrality. Since the global economic crisis, countries around the world have been involved in currency wars, where they devalue their currencies to increase the competitiveness of their exports.

In this context, Antonopolous stressed the neutrality of Bitcoin, which could lead to increased adoption and price as geopolitical and economic wars continue to escalate.

This currency war is already underway, with hyperinflation in countries like Venezuela and Zimbabwe being examples, and will undoubtedly intensify in 2017, as Bitcoin is not involved in this economic war, and therefore will not be used as a tool by nations to attack using their currencies.

In addition, Barry Silbert, a cryptocurrency investor and founder of Digital Currency Group, also made some predictions for the development of Bitcoin in 2017. The specific contents are as follows:

1. Bitcoin will become more acceptable to commercial investors.

2. Bitcoin trading index will grow in India, Japan and the Middle East.

3. Echoing other predictions, Silbert also thinks 2017 will be a year of explosion in proofs of concept for blockchain technology in the supply chain space.

4. Regarding regulation, Silbert believes that the Securities and Exchange Commission (SEC) may treat ICOs strictly and treat them as assets like securities, so they will be subject to stricter scrutiny and supervision.

5. At the same time, Silbert also predicted that the price of Bitcoin will be very strong in 2017, but he did not give a specific value or range.

Blockchain startup forecast highlights blockchain trends

Oliver Bussman and Nick Williamson gave their guests at Level39 in Canary Wharf on December 1st their predictions for blockchain development in 2017:

2017 has been a “year of experimentation” for blockchain technology in the financial services sector, particularly in the areas of cross-border payments and trade finance.

The widespread acceptance of blockchain will promote the development of areas other than finance, such as e-government, healthcare and supply chain management.

The revised EU payments directive PSD2 strengthens collaboration between fintech startups and banks.