The price of bitcoin has soared up by 520 % as compared to last year and has beaten all class assests and investments . It is quite possible that after the correction that took place after the ban on china exchanges ,the price of bitcoin may soar as high as 10000$ and here are some factors .
LIMITED SUPPLY - there are about 21 million bitcoins in total and right now lets say about 16 million is in circulation . And added to this is the fact that almost 20 % is lost in improper calculation , lost keys etc. So scarcity plays a huge role in demand .
ACCESSIBILITY - bitcoin is becoming easier to acesses as it can be bought really easily . And according to a report there are atms that actually support bitcoin .
LIQUIDITY - due to its intence demand and economic , bitcoin can be easily sold or purchased and can be converted to local currency with relative ease .
UTILITY VALUE - compared to banking and the transaction costs involved , it is quite possible that bitcoin will be adopted to reduce these costs .
So , in my opinion it is possible for bitcoin to soar upto 10000$
THIS IS NOT INVESTMENT ADVICE .
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