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Bitcoin tops the $870 USD mark

Bitcoin tops the $870 USD mark

Bitcoin seems to be fast approaching the high prices of 2013/2014. The price has peaked at $870 USD as of 23rd December, 2016 and seems to show no signs of stopping or slowing down. The price rise in December seems to have come along with the increase in network hashrate and adoptions such as Bitwage in India.

This has been a gradual increase unlike the major pump of 2014 and it is wondered where the value of Bitcoin is likely to settle. If you bought in cheap, your investment will have grown. Many recommend that one buys and holds coins rather than mining. Anyone who invested in early to mid 2015 in Bitcoin will have more than tripled their money if they cashed out now.

The chart below can give a general idea of recent events with Bitcoin price:

It is likely the trend will continue, but these waters are hitherto untested since 2014. Due to limited coin supply and increased adoption, this will only fuel the Bitcoin Price increase. If the community can come to a consensus on the Block Size debate, this is likely to improve things even further.

The market is looking bullish at the moment, it is going to be interesting to see what the next year will hold for Bitcoin. It is not looking like a rapid pump and dump. It is likely the price will remain significantly high, although people cashing out in droves could temporarily push the prices down for a while.

The fact that Bitcoins are more valuable means you should secure your coins. This has always been crucial but is now more so. Settle for NO LESS than a hardware wallet with a safely stored seed for any amount over 0.1 – 0.5 bitcoins.

With this in mind, play it safe and carry on! We will update as more information becomes available on this subject!

 

 

 

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