Bitcoin price has skyrocketed this year, but the ultimate question by many still remains how did bitcoin worth a little over $1,000 early this year become this expensive? Well only bitcoin experts can perhaps give a satisfying answer but from experience see how bitcoin became this expensive.
According to observations and study bitcoin price is driven by demand for bitcoin. This means that the more there is demand for the use of bitcoin, the higher the price of bitcoin.
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When bitcoin was first introduced in 2008, only few persons were using it hence the price was just some few dollars. But as time goes on, lots of people get to see its usefulness in international trading and the convenience when using bitcoin to make payment.
Around June/July 2017, more African countries start to accept bitcoin. More bitcoin investment platforms was introduced and many people were sorting after bitcoin and this shot the price high up to $20,000 in December 2017 before experiencing a decline to $12,000 towards the end of the year.
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In short summary and simple to understand term, the price of bitcoin is driven high by you and i(the users). And come 2018 more people will sort for the use of this cryptocurrency, one can only imagine how much it will be worth by 2018.
