Trump-Brexit' Factors Could Triple Bitcoin Transactions But Where's The Price Heading?

What’s in store for Bitcoin, the ‘daddy’ of all cryptocurrencies? Well, according to new industry research transaction values in the digital currency could almost triple to $92 billion (bn) in 2016 over last year. But with the price having risen 50% so far this year, where the price might be in six months’ time or even beyond that?

Bitcoin recently put on rally and hit $780, a 28-month high, before dropping back around $100 in the week commencing 20 June 2016. In the run up to the ‘Brexit’ outcome things were certainly stirred up it put some fire under the crypto currency. As well as a network it has its unit – bitcoin.

From late this May to just a few days prior to the UK’s referendum on European Union (EU) membership, the price had surged almost $300. As of July 7 it was trading at around $648 – up 63% from the price this time last year at $397.

In light of this stellar Bitcoin price action, a new study from Juniper Research, a UK-based firm that specializes in identifying and appraising new high-growth market sectors within the digital ecosystem, has revealed that the total value of Bitcoin transactions is expected to exceed $92 billion (bn) this year – up around 240% from less than $27bn in 2015.

But it should be noted that the vast majority of this forecasted year-end figure – probably more than $90bn – will be accounted by transaction volumes on exchanges and relatively little spent on products. That said, Bitcoin can be used anywhere where Visa and MasterCard is accepted using Bitcoin debit cards. And, on top of that there are an estimated 60,000 Bitcoin merchants out there. More curious uses of the cryptocurrency have included buying a gold mine in Canada to being accepted by a church amongst other cases.