In 2017, the value of bitcoin has had more gains than that of gold and fiat currencies, latest reports disclose.
The news comes barely a week after billionaire Mike revealed that he’s holding a tenth of his net worth in bitcoins.
Technically, bitcoin is the most valuable currency in the world on the parameter of market price.
The news has triggered a massive interest in digital currencies, and most people, previously ignorant, have now started to dig into bitcoin (or at least they should).
Since the start of 2017, bitcoin prices have gone up by 30%, with any fall in prices having been quickly surmounted.
Bitcoin has withstood challenges like the loom of the hard fork and exchange woes to come out on top.
Bitcoin is not only reigning supreme in the currency sector; its gains are higher than the gains of stocks of even large companies like Apple, Facebook, Amazon, and Google! Only Moneygram and Tesla have seen more gains than bitcoin.
The fiat currencies that have performed well include Mexican Peso, Russian Ruble, and the Japanese Yen.
Industry analysts have pointed out that the approaching activation of the segregated witness is the major factor behind the rise in bitcoin value.
SegWit or Segregated Witness is a technology being campaigned for by the Bitcoin Core community, that seeks to separate transaction signatures from the transaction data, and effectively make transactions light (or rather increase throughput).
Essentially, segregated witness promises to affect the bitcoin platform in a positive way.
Benefits of SegWit:
- Weighing data basing on how it affects node performance
- Linear scaling of operations
- Increased security of multiple signatures
- Increased full-node security
- Script benefits
The push toward SegWit activation in other altcoins other than bitcoin has seen a significant rise in their value too. For instance, Litecoin and Dash have been on the rise.
Industry analysts are positive that bitcoin will break the $1300 mark in a few months, and by the end of the year, the $2000 mark.
This appreciation in bitcoin value sends out a strong message to the world; that everybody should take an interest in bitcoin and diversify their investment portfolio.