Cryptocurrencies and especially Bitcoin more than caught the attention of investors in 2017, they became infatuated with it. Bitcoin started the year at $963.38 and ended at $13,850.40 for a gain of 1,338%. It nearly reached $20,000 coming close at $19,870.62 on December 17th. This has led to Bitcoin and other cryptocurrencies getting huge media exposure and the creation of thousands of new ones.
- Limited to 21 million Bitcoins
- First mover, network effect and media exposure
- FOMO or Fear of missing out
- Lost keys
- Large investment firms lend credibility
- Harder and costlier to mine them
- Hoarding
- Safety currency
- Illegal activities
Full story (explaining the individual reasons): https://www.forbes.com/sites/chuckjones/2018/01/13/9-reasons-bitcoin-could-hit-100000-or-more