Bitcoin Price Watch 16 December 2016

Bitcoin price today is $785.44 – a steady week has passed with Bitcoin consolidating around the $780 upwards level.

We have a WINNER – Nehuen Mac Allister who predicted the bitcoin price to be $786 at time of video recording – Congratulations, you have won 0,2 bitcoin which is currently worth $157!

What are your predictions for 2017? Experts are saying Bitcoin will move up beyond $2000.

Taken from a Bloomberg article posted today as to the reasons why Bitcoin is performing so well

“1. Capital Controls

Global restrictions on sovereign currencies are playing a major role in driving increased bitcoin demand. The Chinese government, for example, made it more difficult for people to move the nation’s currency and spend it overseas, leading to trapped liquidity. That’s made bitcoin, which is not controlled by any government or central bank, more attractive.

2. An Anticipated Reduction in Remittances

Isolationist policies by some governments to restrict remittances are pushing consumers into bitcoin as well. U.S. President-elect Donald Trump said during his campaign that he’d limit or halt remittances to Mexico until the Latin American nation agrees to pay for a border wall between the two countries.

3. Slowing Supply Growth

The explosion of bitcoin supply growth is slowing, with so-called miners getting fewer electronic coins in exchange for letting the network use their computing power. The payment to owners of the computers that verify bitcoin transactions and record them in a public ledger known as the blockchain fell by half in the middle of this year.

4. Increased Acceptance

More consumers are using bitcoins and more companies are accepting it as a means of payment. The use of bitcoins by investors and online shoppers is growing at a steady clip, with more than 1.1 million accounts known as wallets added in the third quarter, even with the second quarter and compared with 1.2 million a year earlier, CoinDesk says.

5. Corruption Crackdown and the War on Terror

India and Venezuela banned their largest-circulating bank bills in a bid to make it harder to pay bribes and buy contraband in cash. Governments all over the world are boosting reporting standards of assets abroad and allocating more resources to figuring out how and where illegal cash moves around. It’s part of efforts to combat terrorism financing and corruption following graft scandals from Europe to Brazil. That’s boosting demand from people who want to receive and send cash without all the oversight.”

What are your predictions for 2017 – we will be back on 6 January 2017 with another Price Prediction Watch video and weekly prize of 0,1 Bitcoin for the person who predicts the price most accurately. If not won, the prize accumulates to the next week.

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