Barry Silbert Reveals 10 Bitcoin Predictions for 2017

Barry Silbert Reveals 10 Bitcoin Predictions for 2017

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Expect 2017 to be a very good year for Bitcoin’s price. That’s according to prominent Bitcoin investor Barry Silbert, who shared his ten predictions for the upcomming year.

Also read: Did Barclays Just Declare War on Bitcoin Users?

Many Applications for Bitcoin and Blockchain

Silbert, founder and CEO of Digital Currency Group (DCG), recently shared his top ten predictions for 2017 at DCG’s annual Bitcoin & Blockchain Summit.

Overall, DCG is excited about applying Bitcoin and its underlying blockchain technology to trade finance, supply chain, identity and verification, cross-border payments, and as a speculative investment.

Silbert’s Top 10 Predictions for 2017: 

bitcoinstoreofvaluepic10. Bitcoin as a store-of-value reemerges as a key theme

Bitcoin has been dubbed “digital gold” and for good reason. Silbert expects traditional investors to start taking Bitcoin more seriously and adding it to their portfolios.

9. Bitcoin becomes more accessible to retail and institutional investors via ETF(s)

Bitcoin ETFs have huge potential to bring institutional investors into Bitcoin. While Silbert’s own GBTC and SolidX’s XBTC are already making Bitcoin more palatable to traditional investors, the much anticipated “COIN” ETF and others should help bridge the gap between cryptocurrency and legacy finance.

8. Cross border payments/remittances using Bitcoin will hit $1 billion run rate

Remittances are one of Bitcoin’s most promising use-cases, as they are cheaper and faster compared to legacy service providers. Bitcoin remittances could unseat incumbents such as Western Union as Bitcoin infrastructure continues to improve. This comes alongside plummeting smartphone technology costs around the globe, solving the proverbial “last mile” problem.

indiaflag7. Exponential Bitcoin transaction growth in India, Japan & Middle East

Bitcoin’s global transaction volume has been on a steady incline since its beginnings. Moreover, tech-focused countries like India — where mobile commerce is booming — saw some robust growth in Bitcoin adoption lately.

6. Explosion of blockchain POCs focusing on supply chain

The blockchain hype has permeated into almost every industry. One key area where blockchain technology could be beneficial is the supply chain and global trade. In fact this industry is already testing and implementing blockchain technology. For example, IBM and Tsinghua University in China just partnered up to improve food quality through the supply chain.

5. Identity solution competition heats up…but no leader emerges

Identity on the Bitcoin blockchain is a touchy subject. But blockchain ID solutions could indeed solve many real life problems. These could include anything from verifying your identity to registering millions of undocumented people around the globe — something the UN is currently looking into.

4. SEC comes down hard on ICOs

It’s no secret the Securities and Exchange Commission (SEC) is aware of Bitcoin. But some have warned the regulator’s next move is to close in on ICOs (initial coin offerings). The SEC could deem these as securities that may be subject to regulation. Although many in the cryptocurrency space ignore these warnings, they currently do so at their own risk.

3. First >$50 mm M&A transaction

The Bitcoin space has already seen some notable million-dollar mergers and acquisitions. Thus, topping $50 million is not out out of the question — particularly as the nascent cryptocurrency industry grows and matures.

2. Micropayment models materialize

Bitcoin micropayment solutions are already being integrated into web-browsers, data-storage, social media platforms, and more. Micropayments — as small as a fraction of a cent — could finally be sent through the internet using bitcoin. This could flip the ad revenue model on its head through disintermediation. It could also pay content creators as well as consumers directly.

1. Bitcoin price on 12/31/2017 will be “higher”

Silbert has been noted to make bullish regarding Bitcoin’s price in the past. Given the currency’s stellar performance the past few years, the price could certainly go “higher” if not to the moon.

Bitcoin

Finally, DCG adds that it’s doesn’t yet buy into the hype around some bleeding edge technologies. The group lists Ethereum, “Smart” smart contracts, decentralized autonomous organizations, and ICOs as some of the technologies that have yet to prove themselves in the real world. Given last summer’s DAO debacle, however, this comes as no surprise.

About Barry Silbert and DCG

Besides being named Entrepreneur of the Year by Ernst & Young and Crain’s, and making Fortune’s “40 Under 40” list, Silbert is a prominent investor in the Bitcoin space. He has injected millions into numerous Bitcoin startups including Coinbase, Ripple, and BitPay. Silbert’s Digital Currency Group also comprises Grayscale Investments (GBTC), Genesis Trading, CoinDesk, and a portfolio of over 80 investments in 20 countries.

Do you agree with these predictions? Share your own predictions for Bitcoin in 2017 below!


Images courtesy of medium

  • This article doesn’t mention that Barry Silbert heavily promoted Ethereum Classic after the DAO fork, stating that he believed in the currency.

    An example of Silbert’s dishonesty is located at https://www.reddit.com/r/EthereumClassic/comments/4ujurk/barry_silbert_bought_my_first_nonbitcoin_digital/. Here, he states they don’t buy into “bleeding edge technologies” like Ethereum, and in that post, he says he bought ETC. It’s a direct contradiction.

    This author does a good job of covering the topic, but missed in his research that Silbert often changes his mind and takes liberties with the truth. It would be easier to believe what Silbert says if his actions actually backed up his words.

    • allenscott

      “he states they don’t buy into “bleeding edge technologies” like Ethereum, and in that post, he says he bought ETC. It’s a direct contradiction.”

      they =/= he

    • Carlo Vicari

      Hi Stephen,

      Just wanted to chime in with some info about Ethereum Classic. The DAO fork was pretty recent so I completely understand anyone not having the correct information about the ETC platform. There are 2 aspects of ETC that many domestic and international investors find appealing.

      1. We do not alter transactions that have taken place on the blockchain.
      2. We intend to put into place an easy to understand monetary policy with a supply cap similar to bitcoin.

      These are 2 important blockchain pillars that draw plenty of attention from VC’s as well as the general blockchain community. Looking forward to your reply, thank you.

      Carlo

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  • Sun Drez

    Bitcoin = Safe storage of value (savings)

    Ethereum = corporate investment (investing)

    Bitcoin is no risk, Ethereum is medium risk

    Ethereum will be much more unstable this year than Bitcoin.

    Bitcoin will reach a market cap of 32 Billion this year ($2,000 USD per coin)

    Ethereum will bounce around and most likely end the year about 4 Billion Market Cap. ($40 USD per Ether)