Vinny Lingham: Bitcoin Price Will Reach $3,000 in 2017

Vinny Lingham: Bitcoin Price Will Reach $3,000 in 2017

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Vinny Lingham, co-founder and CEO of Civic.com released a highly anticipated blog post entitled “Bitcoin 2017: A Currency Devaluation Hedge for Emerging Markets” on December 28 to share his thoughts on Bitcoin and its price trend in 2017. In his analysis, Lingham predicted that the Bitcoin price will double or triple within the next 12 months. Over the past year, Lingham has been one of the few analysts who accurately predicted the price trend of Bitcoin. In a blog post published in April, Lingham told his readers that Bitcoin would reach a market cap of $15 bln by the end of the year. Today, it surpassed the $15 bln mark, reaching its all-time high market cap. The reasons behind strong performance The vast majority of mainstream media outlets and analysts have cited economic and financial factors as a reason for Bitcoin’s price rally. Various events such as the demonetization of banknotes in India and Venezuela, crackdown on Wealth Management Products (WPMs) and tightening of capital controls played a strong role in the rising price of Bitcoin. However, Lingham notes that most failed to acknowledge the impact of rising Federal Reserve rates on the value of Bitcoin. When the Federal Reserve increases …