Bitcoin hasn't done much since it hit an all time high right around $3,000 per coin, well other than experience a 30% decline.
Since that time Bitcoin has steadied and appears to be making a run back towards those highs.
Part of that decline has to do with fear over what might happen with the fork scheduled to take place August 1st. Although a low probability, there is some fear that a split chain could be created with the fork.
Even so, over the past month, Bitcoin is still up roughly 21%
Well several things likely, and I have touched on a few of those reasons in some of my recent posts.
However, for this post we will stick to just a couple of main reasons why Bitcoin is going to hit $5,000 in short order.
I have touched on increased use cases several times in my posts over the past month:
https://steemit.com/bitcoin/@jrcornel/bitcoin-getting-close-to-mass-adoption-in-japan
And it appears we are seeing yet another one...
Capsule Hotel, located in Japan, has begun to accept Bitcoin as a payment method. The hotel is the largest budget hotel chain in Japan and is very popular with freelancers and travelers.
This integration of Bitcoin comes just months after Peach, Japan's largest budget airline, stated that they would start accepting Bitcoin has a form of payment.
Bic Camera, AirREGI, and Comics and Capsule Hotel Comicap have also stated recently that they would accept Bitcoin.
http://www.hostelbookers.com/hostels/japan/kyoto/275532/
Kagayaki Kawabata of Coincheck had this to say regarding the integration of Bitcoin:
"Starting Friday June 16, guests (of Comics and Capsule Hotel) can pay with Bitcoin for hotel bookings at the facility in Kyoto Shin-Kyogoku. Bitcoin payments will be facilitated by Coincheck. They have decided to use Coincheck Payment experimentally for capsule hotels. (In the future) They may expand the Bitcoin payments to other services as well."
Adoption of Bitcoin, and to a lesser extent other virtual currencies, is exploding right now in Japan and South Korea. China is seeing strong adoption as well.
It is only a matter of time before that adoption spreads to other parts of the world.
Never before in Bitcoin's history has it received more coverage by mainstream media outlets than it is currently getting.
You can't turn on CNBC for more than a couple hours without hearing Bitcoin, or some other virtual currency mentioned.
And that is just in the United States where there currently isn't much use case for Bitcoin as a currency.
Bitcoin was recently on the front page of the Wall Street Journal, not the second page, but the front page!
The price of Bitcoin has struggled (I guess) ever since it reached it's all time high around $3,000 USD per coin. However, if you go back and look at recent trading history you will see that Bitcoin has a tendency of experiencing these corrections after making new all time highs, only to gather steam once again and power past that high.
According to Mark Keiser we will likely see that trend continue until Bitcoin eventually gets near $100,000 per coin.
Possibly mimicking a chart something along the lines of this over different time periods:
Sure it is, in the realm of "anything is possible".
However, is it likely?
Not sure how likely it is, but his short term target of $5,000 to $10,000 seems very possible. Especially when you just look at recent trading activity.
In the last 12 months, Bitcoin rose from roughly $650 to $2500. That represents a return of 4X. From current prices a return of 4X would take us right to that $10,000 level.
I am seeing a lot of reasons that support Keiser's claim of $5,000 to $10,000 at some point in the near future. Here's to hoping he is right.
Stay informed my friends!
Sources:
https://cointelegraph.com/news/bitcoin-price-at-5000-is-in-sight-max-keiser
Image Sources:
http://fortune.com/tag/bitcoin/
http://www.coindesk.com/max-keiser-bitcoin-capital-1-6m-crowdfunding/
https://twitter.com/iamjosephyoung
http://charleshughsmith.blogspot.co.uk/2017/06/projecting-price-of-bitcoin.html
