Bitcoin became the main asset of 2017. At the moment, it climbed to the area of $ 20,000, and then a phase of decline followed. In any case, next year bitcoin will not show similar growth rates.
Growth of 10 times from current levels means the growth of bitcoin capitalization to $ 2.6 trillion – a figure of the same order with the US money supply, the capitalization of the US stock market. This is equivalent to the fact that bitcoin will be a significant competitor to the dollar as a currency for payment, and block chain-technology will be a notable area in the world economy, but this will not happen exactly in the coming year.
Moreover, the second wave of bitcoin decline is not something unbelievable. There are three reasons for this.
Unresolved scalability problem. The SegWit2x hardfork was canceled in August, the block size remained at 1 MB. Because of this, the cost and time of transactions significantly increased. This undermines confidence in bitcoin as a means of payment
Tougher attitude towards bitcoin by the US authorities. Many American exchanges require their clients to provide identity documents. And, for example, the largest crypto-exchange Bitfinex refused to cooperate with American citizens because of the complexities.
Bitcoin will be hard to quickly return to $ 20,000. Against this background, those who bought bitcoin in the range of $ 12,000-20,000 will be uncomfortable to be in the position. They bought bitcoin with the hope of continuing rapid growth, but it turned out that bitcoin is able not only to grow rapidly, but also to fall quickly.