Bitcoin will hit $4,000 USD a coin before year is out, investor claims
Quebex Fintech Inc.
May 08, 2017

Bitcoin has been on an upward swing since late March and shows no signs of letting up. Having just topped $2,200 CAD for the first time ever, the value of a single bitcoin now stands at $2,238.19, as of 11am, ET; some investors believe this will hit the neighbourhood of $5,100 CAD within the year.

Steve Masters, director at Global Advisors Bitcoin Investment Fund, told CNBC: "In the 8-to-14-month horizon, my forecast would be around $4,000 [USD].” Others also expect high prices; Gatecoin's Aurélien Menant agreed that prices should climb beyond $3,000 (USD) this year.

In the last 30 days alone, Bitcoin’s value has surged more than 33%. This is thanks, in part, to the Japanese government’s decision, on April 1st, to recognize the cryptocurrency as a legal method of payment.

Additionally, Bitcoin benefited immensely from rival coin Litecoin’s decision to implement Segregated Witness (SegWit) – the reason? SegWit can handle a far greater number of transactions at a much faster rate and Litecoin’s decision to adopt has fuelled hopes that Bitcoin will follow suit, thus solving the ‘hard fork’ dilemma.

"That example of a successful soft fork in Litecoin has made people start to think that we could get a successful SegWit implementation in Bitcoin and that could increase capacity and move us to the next level”, Masters told CNBC.

Litecoin is currently hovering at around $40 a coin and is expected to formally add SegWit in the next few days; its subsequent performance will likely influence Bitcoin’s future.