Early adopters of Bitcoin, the novel currency sweeping the globe, have plenty to celebrate this year. The cryptocurrency has grown in value by 85 percent in 2017. It has enjoyed steady growth, topping $1,700 for the first time ever today. This is the latest milestone for the digital currency, however back in March, Bitcoin surpassed the value of gold for the first time in its history. And, there are no indications of it slowing down.
The previous success of the currency has been tied to the uncertainty in markets after the results of the 2016 US elections. However, that explanation can’t continue its potency for that long. Even more, the US Securities and Exchange Commission (SEC) still has to rule on whether or not they will reverse a previous decision to reject a high profile exchange-traded fund (ETF), so the reasons behind the currency’s burgeoning strength remain unclear.
Last month, Japanese policymakers made Bitcoin a legal method of payment. This was followed closely by an announcement that Russia would consider adopting Bitcoin (among other cryptocurrencies) in 2018. However, not all countries are readily willing to consider legitimizing Bitcoin. China, for example, has recently decided to restrict its trade.
Even with some minor hiccups, Bitcoin is set to revolutionize the way that we pay. Its footing keeps getting stronger as it continues to be the top-performing currency since the start of the decade, save for 2014.
The Japanese adoption of the currency could be a considerable boon toward it hitting the mainstream. Experts are expecting retailers in more than 260,000 stores across the country to be accepting Bitcoin. The ease afforded by the currency being international could make it a favorite for travelers as well.
The future of Bitcoin may not be entirely clear. But, if this upward trend continues, it will be difficult for policymakers to deny its rightful place in the pantheon of finance.