Bitcoin price has outperformed every reserve and fiat currency across the world year to date, yet again. By outperforming the US dollar by over 30 percent, Bitcoin surpassed the growth of the Mexican Peso, Silver, Gold and Russian Ruble to become the best performing currency so far in 2017.
Thus far, 2017 has been a successful year for both Bitcoin investors and alternative cryptocurrency (altcoin) traders, with leading altcoins or crypto assets such as Ethereum achieving a $5 bln market cap in early April. The Bitcoin market, however, experienced some major changes in its ecosystem earlier this year. The major driving force of Bitcoin price in 2017 is suspected to be the resolution of the Bitcoin networks current scalability problems.
The Bitcoin networks one MB cap on block size is causing Blockchain congestion, a drastic increase in fees at times and long confirmation times. If Bitcoin scalability issues are addressed within this year, with innovative solutions such as Bitcoin Cores Segregated Witness (SegWit), Andrew Lees Extension Blocks or other potential emerging solutions, Bitcoin price will most likely demonstrate an exponential mid and long-term increase.
Would you invest in BTC this year?
Its not only about our performing other assets in the market, there are still people who are not okay with it and most will prefer to go for real estate instead of Bitcoin. Majority of investors today still dont believe that Bitcoin is a better option for them,, they will prefer to go for stocks that lasts long and rewards them for having patience.
Mostly greedy investors without patience are what I am seeing in Bitcoin community, people who wants to take advantage of the Bitcoins volatile nature.