What were the main drivers behind bitcoin's growth in 2017?

3 answers

• Dec 27, 2021 · 3 years ago
  In 2017, several factors played a crucial role in driving the growth of bitcoin. Firstly, the increasing mainstream acceptance of bitcoin as a legitimate form of currency led to a surge in demand. Major companies and online retailers started accepting bitcoin as a payment method, which boosted its credibility and attracted more investors. Additionally, the limited supply of bitcoin and the halving event that occurred in 2016 created a sense of scarcity, driving up its value. Moreover, the growing interest from institutional investors, who saw bitcoin as a hedge against traditional financial markets, further fueled its growth. Overall, the combination of increased acceptance, scarcity, and institutional interest propelled bitcoin's growth in 2017.
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• Dec 27, 2021 · 3 years ago
  Bitcoin's growth in 2017 can be attributed to a variety of factors. One of the main drivers was the increasing global awareness and adoption of cryptocurrencies. As more people became familiar with the concept of digital currencies, the demand for bitcoin grew exponentially. Additionally, the rise of Initial Coin Offerings (ICOs) provided a new way for startups to raise funds, often through bitcoin or other cryptocurrencies. This increased usage and acceptance of bitcoin as a means of investment further contributed to its growth. Furthermore, the geopolitical and economic uncertainties in various countries also played a role in driving investors towards bitcoin, as it was seen as a safe haven asset. Overall, the combination of increased awareness, ICOs, and global uncertainties fueled the growth of bitcoin in 2017.
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• Dec 27, 2021 · 3 years ago
  Bitcoin's growth in 2017 was primarily driven by the increasing interest and participation of retail investors. As more individuals became aware of the potential profits from investing in bitcoin, they flocked to the market, driving up demand and prices. The media coverage and hype surrounding bitcoin also played a significant role in attracting retail investors. Additionally, the introduction of futures trading for bitcoin on major exchanges like BYDFi provided a new avenue for investors to speculate on its price, further boosting its growth. However, it's important to note that the market sentiment and speculation also contributed to the volatility of bitcoin's price during this period. Overall, the combination of retail investor interest, media coverage, and the introduction of futures trading fueled the growth of bitcoin in 2017.
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