Sandeep Goenka, the co-founder of Zebpay, certainly one of India's three leading Bitcoin exchanges, believes that Bitcoin price may reach ₦1,1M ($3,500) by the conclusion of 2017. Despite several setbacks, Bitcoin price has maintained a solid rally within the last few months. While Bitcoin is struggling to re-enter the ₦568,351.97, ($1,800) region after it experienced a correction on May 11, on a regular basis Bitcoin price has still manage to record a 30.8 percent surge, increasing from around ₦371,087.71 ($1,176) in April 16 to ₦536,436.31 ($1,700) on May 16.
After recording a 30 percent monthly increase in value, Bitcoin price has continued to keep up stability in the ₦536,436.31 ($1,700) area for approximately two straight weeks. Such stability in value should be thought about being an optimistic outlook on the mid-term growth of Bitcoin price.
Growing demand
Based on Goenka, the present Bitcoin rally isn't necessarily defined by certain events. Actually, Bitcoin price has the capacity to grow at a well balanced rate because global awareness toward Bitcoin is increasing and the demand from institutional investors is rising.
Goenka stated within an interview:
“Current bitcoin rally is a result of increasing awareness and demand for bitcoins globally. Positive news of regulation in major countries like China, Japan and Russia have added fuel to the present rally.”
As BuyBitCoinsInNigeria Blog (BBIN) explained in some extensive analytical articles, Japan has played an integral role in maintaining the strong rally of Bitcoin price. Japan in addition has established a platform for institutional investors by announcing Bitcoin as a legal currency. Such clarity on the regulatory side of Bitcoin and digital currencies generally speaking allowed institutional investors and multi-billion dollar corporations to be involved in the Japanese Bitcoin industry.
Japan's Ecosystem
Such as, the ₦472T ($1.5 bln) Japanese Internet giant GMO announced in January that it's officially entering the digital currency trading business and market by launching a unique digital currency and Bitcoin trading platform.
“Just the beginning”
In a record, the GMO Internet Group stated so it sees highly of Bitcoin's power to process both domestic and international remittances with low costs and fast speeds in a protected ecosystem, just like the Bangko Sentral, the central bank of the Philippines.
Goenka reaffirmed that the Bitcoin exchange market and industry might find the entrance of more institutional investors by offering a completely new investment category in digital assets. He explained:
“Because the supply is restricted and demand is increasing, costs are moving upwards and touching all time highs nearly every year. Bitcoins represent a brand new investment category called digital assets. This industry is exploding in usage and innovation. We believe this really is just the beginning.”
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