2017, The year of Bitcoin? Get in or lose big.

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Happy New Year Bitcoiners and Bitcoin doubters. Indeed 2016 can be said to be the year Bitcoin took its biggest step into becoming a main stream currency.


Driven by economic, geopolitical and other factors, 2016 saw Bitcoin gradually retracing its steps back to its highest level of 2013. 


2016 also saw Bitcoin thumping major currencies and precious metals like the USD and Gold to emerge as the fastest growing asset class in 2016 (a feat it also achieved in 2015).


The year in review also witnessed (as expected) a lot of scam cryptocurrency schemes which rode on the crest of the Bitcoin phenomenon, edinar, elcoin, onecoin, tbc elcoin etc. all without whitepapers, positive peer reviews and lack of availability on any exchange. 


Many got sucked into the mentioned coin scams and still have their funds stuck there. To this group I say a big sorry and pray you get the chance to rectify the errors.


I recall sometime towards the end of the year 2016 I made a post on How to identify a cryptocurrency scam. Some read it, some did not but in the end the reality still came to fore.



Not to forget, MMM (Naira) and MMM (Bitcoin), coince.com and many other Bitcoin-using HYIP programs that went down with many peoples funds.



Then came the predictions, First the naysayers who severally predicted that Bitcoin will die in 2016... in fact. according to them Bitcoin died a 118 times in 2016. Some of the predictions are:

  • “The Crisis in Bitcoin and the Rise of Blockchain” – Fortune Magazine | $417.93
    "Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology." March 4, 2016


  • ‘Bitcoin is dead,’ says prominent fintech exec – Yahoo | $437.5 If you ask Taavet Hinrikus, CEO of international-payments app TransferWise, “Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The Bitcoin experiment, I think we can say, is over.” April 6, 2016


  • We rather disagree with the estimation of Bitcoin – Adam Smith | $572.65
    …However, we’re rather less optimistic about the prospects for Bitcoin. We’re sure that the blockchain will be used to do some interesting things, although pretty certain that it will be a less clunky version of it which is. Bitcoin itself we don’t think is going that far. And we’re really pretty sure that it’s not about to eviscerate banking. June 3, 2016


  • “Bitcoin is a bubble. It will burst on Monday 12 December 2016” – Linkdin | $771.23 Bitcoin is a bubble that like Tulip, South Sea, Dot.com or Subprime will burst…Bitcoin was a great experiment that provided a lot of useful learning.But as with any previous technology: “It’s time for it to make way for a better designed, more compliant, and more secure system as a global digital currency. #ForceCoin.”


The last prediction was made when the price of Bitcoin was $771.23 today (January 2, 2017 Bitcoin price is at $1,022. 35 (China) so much for a dead Bitcoin.



Then came the positive predictions ....

  • Civic CEO, Vinny Lingham believes the price could hit $3,000 in 2017. He explains that, governments will become the largest buyers of Bitcoin, pushing the price up to new highs.

  • For 2017, expect the price to be around $1,000 to $1,400, according to Bitcoin investor Tim Draper, the wholesale buyer of the confiscated Silk Road bitcoins.

  • Continuing on with the theme of steady price gains for Bitcoin throughout 2016, in 2017 we predict that Bitcoin will continue its meteoric rise, and in spite of various price raids and corrections, we forecast that Bitcoin could reach $5,000 USD in 2017. Roger Verr


For me I stand with a price prediction of $3,400 principally because of the impact of the price of Bitcoin overtaking the price of Gold will have on portfolio investors whom I believe will have rethink on Bitcoin.


My thoughts for Bitcoin in Nigeria in 2017 are:


  • I see an increased activity of more new often tagged (better-than-bitcoin) coin offers coming into the Nigerian cryptocurrency ecosystem. A lot of Nigerians will (in the absence of genuine education on cryptocurrency) invest in and lose huge sums of money.

  • Bitcoin will continue to make inroads into the life of the average Nigerian with increased awareness as the Naira plunges further down against the US dollar to possibly close the year above N800 to $1.

  • Nigeria will be one of the Countries that will drive the price of Bitcoin in the global market. This is in view of a weaker Naira, a dying US  Dollar and more capital controls by the Nigerian Government.

  • A large chunk of remittances (over $21 Billion per annum) received into the Country will be made via Bitcoin, this is because of the exchange rate loss that customers suffer when they use mainstream services like Western Union, Money Gram and RIA.

  • The emergence of more trust worthy Bitcoin exchanges which will facilitate the acquisition of Bitcoins by Nigerians. I however see regulatory trying to do the unthinkable....Regulate the Bitcoin Eco system. 

  • Nigeria's first two way Bitcoin ATM will be installed at a location in Lagos. This will cause the Bank's to wake up and we will witness attacks on Bitcoin from all fronts.

  • Finally Bitcoin will make its way to the Nigerian mainstream media and.....my boss will join the bandwagon.
To really understand Bitcoin education is key. Read my free ebook on Bitcoin "Discover 7 Ways to make money with Bitcoin" if you haven't, download it here



I take my leave for today.

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