Bitcoin Watch – Bespoke Investment Group: The bitcoin boom may be far from over

At the beginning of 2017, the highly volatile Bitcoin was valued at just below USD1,000, however recently it has skyrocketed well into the teens at a high of over USD19,000.

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Bespoke Investment Group software engineer Dan Ciotoli believes the cryptocurrency’s price could nearly triple by the end of the year depending on the success of Lightning Network, a technological advancement which will make transactions faster and cheaper. Speaking to CNBC’s Futures Now, Mr Ciotoli said: “There was a big run-up in December, and then we kind of saw these get-rich-quick-investors exiting the space. Everyone rushed in at once. So, the inevitable crash happened. Now it’s starting to recover. We saw a bottom around $9,000. The driver I think is going to bring bitcoin up in 2018 is bitcoin denominated commerce”. The year-end forecast places bitcoin prices in the USD20,000 to USD30,000 range.

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