The upcoming Bitcache service by Kim Dotcom is cause of great speculation these days. Merging Bitcoin with the MegaUpload file sharing service is a great way to push cryptocurrency adoption. But Dotcom is also a fan of Bitcoin itself and foresees a value of US$2,000 per coin by 2017. A bold statement, but it is not entirely impossible either.
Kim Dotcom is not the first to see a spectacular Bitcoin price increase in the coming months. Nearly every cryptocurrency enthusiasts have been waiting for such an event to happen, even though it has not materialized just yet. Then again, a price increase to US$2,000 is not all that spectacular compared to the current value.
Whether or not that value will be achieved at some point in 2017, is anybody’s guess right now. Keeping in mind how his new Bitcache platform will launch early next year, it could have a major impact on the BTC value over time. If his service can make Bitcoin go mainstream, there is no telling how the price may respond.
Some people feel the price per Bitcoin will be even higher than US$2,000 by 2017, albeit that is wishful thinking. Everyone in the cryptocurrency world wants to see the value of this limited supply global currency explode, and it is destined to happen sometime soon. But we should not get ahead of ourselves either, as that price value needs to be sustainable in the long run.
Keeping in mind how there is a new Bitcoin auction in a few weeks from now, the interest in that event may largely define the Bitcoin price going forward. It is equally possible there will be zero impact on the Bitcoin price as a result. A free market is hard to gauge these days, and anything could happen at any given time
It is commendable to see Kim Dotcom being very bullish on Bitcoin, albeit that may also be to promote his own Bitcache project. Then again we need individuals with his allure to take Bitcoin mainstream, as it remains a very niche currency after being around for seven years. Only time will tell how realistic that US$2,000 mark really is.
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