It’s always gratifying to see positive mainstream media coverage of anything related to digital currency or its underlying technology. With Bitcoin’s price increase in recent weeks, the coverage has ranged from descriptions of Bitcoin as the “new gold” to gloomier assertions that it’s destined to bring disaster for investors foolish enough to choose it for their portfolios. A recent special report on CNBC’s site leans toward the optimistic, noting a prediction by one analyst who suggests that Bitcoin’s price could reach $3,000 by the end of 2017.
That analyst, Adam Davies, reportedly told CNBC that he believes that global uncertainties and the likelihood of increased acceptance of digital currency could allow the world’s most famous cryptocurrency to continue to increase in price throughout the coming months. If he’s correct, market insecurity and a desire to protect wealth against currency fluctuations could be factors that drive Bitcoin to even loftier price heights.
Davies is apparently not the only observer who believes that the $3,000 mark is feasible. Blockchain CEO Peter Smith reportedly told CNBC that he too sees that target as a possibility. Gatecoin marketing head Thomas Glucksmann was more cautious. While he acknowledged that $3,000 was a “realistic” prediction, he believes that it’s more likely that Bitcoin’s 2017 price peaks at between $2,000 and $2,500.
With final approval for the Winklevoss ETF expected soon, and increased government attention on the digital currency, there’s obvious reason for optimism. A little more positive media attention probably wouldn’t hurt either.