At the close of 2013, we witnessed massive amounts of untouched Bitcoin, finally being moved, and right before Christmas we witnessed the Bitcoin Bears describe a “Powderkeg” of price volatility emerge that some described may be worse than the China 1200-650 bubble. However between a steady Christmas followed by a sharp early January price rise, Here’s why I think the price will rise past 10,000 USD in 2014.
- Bitcoin is going to likely be accepted by more major online stores. Many online stores are already accepting Bitcoin, however there many major retailers have to accept it. It is very likely that we will see Newegg and other major online electronics stores accept Bitcoin in the near future. This continuation of a widespread adoption of the currency will result in a snowball of more & more online retailers accepting Bitcoin.
- Bitcoin is going to spread to even more countries. With China beginning to utilize Bitcoin as an investment asset and a tool to send money instantly around the world, other countries, especially ones dependent on export, such as Vietnam, Indonesia, Japan, India, & much of the middle east will witness Bitcoin being used in many of their industries, as a tool to accelerate commerce and efficiency, especially when dealing with a multinational customer base. Bitcoin will accelerate the rate of production for commodities within these countries by allowing money for materials and labor to trade hands more quickly, and more transparently, allowing for Bitcoin to serve as a critical point for these business. We will certainly begin to witness the beginning of this in 2014, just as we witnessed the beginning of Bitcoin being recognized as an investment and money transfer tool in 2013
- Bitcoin will have more adoption in brick & mortar businesses. With Bitcoins expansion as a digital currency, many brick and mortar businesses will begin to start accepting Bitcoin as a tool expand customer base. Bitcoin users will often times go out of their way to support businesses that accept the currency. This adoption will likely begin at small businesses, before major brick & mortar retailers begin to accept the currency directly, however once the adoption begins to occur on a widespread level, the rate of growth will become exponential.
- Bitcoin on Wall Street will become commonplace in 2014. With Wall Street investors seeking to hire early & experienced Bitcoin users & traders, Bitcoin will begin to be traded and used as an investment asset with many of the major figures on Wall Street. Bitcoin’s rapid price growth is an enticing reason for many investors to make the jump, & 2014 is the year that many investors will.
- Bitcoin will continue to serve as a buffer between people & inflation. Inflation in places such as Africa & Latin America is an economic disaster that has riddled many countries affected by political and economic instability, however with Bitcoin’s growing adoption in these places, many cell phone & computer owning citizens will flock to Bitcoin to hold assets. In 2012 & 2013 we witnessed many farmers utilizing Bitcoin in places such as Argentina for the purpose of avoiding inflation & the quick transfer of money, and this trend is certain to continue.
Bitcoin’s uptrend will especially be reliant on the growth & acceleration of the rate of adoption of the currency, 2014 will be a fantastic year for the growth of Bitcoin. We have already witnessed many ways that Bitcoin fills economic needs in both politically and financially stable countries, & unstable third world countries alike. 2014 will be the year of the Bitcoin bulls.