Yearly update 2016-2017
Assuming Bitcoin will be traded for several thousand dollars, if not tens of thousands of dollars (let us to be optimistic), then 2016 will go down in history as the turning point in the advancement of Bitcoin. Whereas 2013 was the year Bitcoin made its breakthrough, and 2014-2015 showed a decline in Bitcoin, as opposed to developments in blockchain technology, it appears the market in 2016 began to internalize the advantages of Bitcoin and the various ways in which it can be applied. In 2016 Bitcoin experienced an economic growth in its market value as well. During the final weeks of 2016 alone, Bitcoin reached a new peak of 15 billion dollars in market value (since then it has reached 19 billion) and its exchange rate reached 965$ on Dec. 31, 2016, or 3,700 NIS for one Bitcoin, as mentioned earlier.
Bitcoin received a growing amount of interest from citizens in countries whose local currencies fell short, with China as a primary example. It seems that the weakening Chinese "yuan" (the local currency) has increased the demand for alternative investments within the country, in order to minimize losses from its decreased value. This is where Bitcoin enters the picture. The demand for Bitcoin has increased trading volumes in China, which obviously has a direct affect on the Bitcoin exchange rate. Furthermore, the restrictions and regulations imposed by China on pulling money out of the country added another reason for the surge. There are other examples as well, such as the British "Brexit", where public surveys affected the fluctuation of the exchange rate, as citizens sought to escape the pound's dramatic fall. On the eve that Donald Trump was elected president of the United States, the market showed strong fluctuations following his statements. In Venezuela and Mexico the local currency is losing the public's trust. For the first time the search word "Bitcoin" has risen by 400% over recent months. Top this off with African countries, which are expected to embrace Bitcoin, or similar currencies, in the near future.
Over the last year Bitcoin was one of the best investments by far, when compared with other currencies worldwide (as you can see in the attached illustration here). 2016 was an especially successful year for Bits of Gold. Currently in its fourth year running, Bits of Gold continues to lead the Israeli market with strict, meticulous and firm regulations, in order to provide the most reliable and well established services that meets international regulation standards. Thousands of new clients have engaged our services, tens of thousands of orders have been completed successfully, and tens of millions of shekels in Bitcoin exchange trade volumes have come our way. In addition, we have begun working with several international companies who wish to acquire Bitcoin services, as well as our "Bitcoin Clearing Credit Card" services (which is offered to medium size companies and above), with several other large companies in line for 2017.
Reviewing the report of one of the largest consulting companies in the world, Deloitte Israel, reveals that Bits of Gold is one of the leading Bitcoin companies in the market. A large section of the report was devoted to examining a key issue among banks and the "Fintech" industry this past year (and the previous year, 2015) – the blockchain. Israeli companies comprise a significant part of the worldwide blockchain industry, such as Colu, Wave, and another company led by the Bits of Gold founder, Yonatan Rouach, called QEDit. We invite you to read more about these companies, including Bits of Gold, in the Deloitte Israel report, which can be found here.
2017 began with a whirlwind, with record breaking trading volumes and an incredible amount of new clients who joined Israel's Bitcoin investors' community. The media coverage that Bitcoin received in Israel resembled that of the end of 2013, as you can see in TheMarker or Calcalist. Many forecasts predict Bitcoin will continue to rise steadily during 2017 towards 3,000$ per Bitcoin (the most optimistic forecast predicts 10,000$). We at Bits of Gold can testify to the exceptional mounting interest and the incredible amount of telephone calls and e-mails received from new clients, who want to learn more about opening up wallets and buying, as well as inquiries from old clients about selling. It seems like 2017 has picked up exactly where 2016 left off. Despite decline of Bitcoin in mid January, it looks like the exchange rate has jumped back and stabilized around 1000$ and will most likely continue to rise from there. Bits of Gold is excited to continue providing its clients with expert and reliable services throughout the coming year.
Image Credit: Bitcoin.com
Bits of Gold team.