Top Bitcoin Price News of 2016

Bitcoin price is notorious for its rapid fluctuations. Indeed, the only guarantee in bitcoin price news is that it will always be exciting. Here’s a look at the top bitcoin news of the year, and a look ahead at what we might expect in the coming months.

2016 bitcoin price stats 

Looking at the bitcoin price statistics since the beginning of 2016 illustrates how unstable this currency truly is. The year opened up with bitcoin being valued at $434.46 but by January 15, it dropped to a year-to-date low of $358.77. However, bitcoin enthusiasts should take heart. The cryptocurrency has been gradually increasing in value and, as of May 25, it was valued at $449.23.
The general upward trend since February has caused some investors to become bullish on bitcoin. As noted, price predictions are difficult to make for a digital currency. Those that are hopeful about the currency, but are largely remaining conservative in their estimations, believe that bitcoin could reach $470, or even upwards of $500 by the end of the year. However, there are always a couple of outlying predictions when it comes to bitcoin and, due to the currency’s crazy trajectories, these guesses sometimes prove to be spot on the money.

Big predictions in bitcoin price news

Vinny Lingham, the founder of Gryft (a mobile gift card app that allows users to pay with bitcoin), is putting forth one of these long-shot predictions. Lingham, who has since left Gyft to found a new digital identity protection startup Civic which relies on blockchain technology, believes that bitcoin price will reach $1,000 by the close of 2016. This might seem like a wild prediction, but bitcoin has made similar leaps in the past and Lingham has a proven track record of anticipating these shifts. In 2013, he boldly predicted that bitcoin would hit $1000 by the year end and, despite much skepticism at the time, he was proved correct. Similarily, in 2014, after the Mt Gox exchange collapse, the bitcoin community remained hopeful that the currency would reach previous highs. Lingham, however, foresaw a long period of price consolidation which proved to come true. Therefore, although Lingham’s prediction might sound radical right now, it’s possible that it will come true.
Either way, predictions appear positive for the cryptocurrency as we round out the year. Investors wait with bated breath, hoping that the currency will go way up to Lingham’s expectations, or at least maintain its slow climb to $500.

Investor takeaway

All told, bitcoin price is moving well. Although the currency’s valuation is nowhere near the highs of 2013, it has proved a relatively more stable store of value in recent years. Therefore, investors can rest easy that their money is relatively secure in this cryptocurrency. As Lingham’s prediction implies, there are still opportunities for big jumps in value. Indeed, the loss in February 2016 is relatively small compared to his hope that valuations will increase by $500 in coming months. Of course, the opposite is true as well – there’s always the chance that bitcoin price could drop precipitously before the year is out. However, bitcoin has proven resilient, and its investors have a lot of faith in the potential of bitcoin.
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Securities Disclosure: I, Morag McGreevey, hold no direct investment interest in any company mentioned in this article.