.. This happened before and it crashed back to $300..
Like I said, "Past Performance Can't Guaranteed Future Results".
Why bitcoin just had an amazing year?
When surprises happen, people buy bitcoin.
When Greece threatened to leave the European Union in 2015, investors surged into the digital currency. The same thing happened when Britain voted to leave the European Union last year, and when Donald Trump defied polls to win the U.S. presidential election. Recent economic surprises in China, India and Venezuela that threatened to destabilize those countries paper currencies sparked an interest in the digital alternative as well.
Thats why Chris Burniske, an analyst at ARK Investment Management, a firm that invests in disruptive innovations, has termed bitcoin a disaster hedge.
People are using it similar to how they use gold, he says. They use it as a risk-off trade when theyre concerned about whats going on in the capital markets.
Last year held plenty such surprises for investors, and they collectively helped make bitcoin the best-performing currency of 2016, analysts say. The currencys value more than doubled in 2016 to reach $1,029 on Tuesday, a three-year high, as data from CoinDesk, a bitcoin-tracking website, shows.
https://www.washingtonpost.com/news/wonk/wp/2017/01/03/why-bitcoin-just-had-an-amazing-year/?utm_term=.23097fe720ae