Bitcoin and altcoins have received $35 billion in investment in 2017, and investors believe Bitcoin will break $3,000 this year

Despite the negative predictions about Bitcoin, the price of Bitcoin has shown a significant upward trend. It is clear that a lot of money has been pouring in due to the entry of many new players in the industry.

According to Jeremy Epstein from Never Stop Marketing, the cryptocurrency industry has earned over $35 billion since the beginning of 2017. Epstein noted that the cryptocurrency technology and space as a whole is becoming more normalized. As a result, there is an influx of new players such as investors who seem to be more comfortable with this environment.

Referring specifically to Bitcoin, Epstein said:

“The most well-known onramp into the cryptocurrency space is Bitcoin. Bitcoin is the ‘reserve currency’ in the crypto space, so almost everyone in the crypto space has some Bitcoin. As more people flock to the crypto space, the price of Bitcoin will absolutely rise.”

Internet entrepreneur and cryptocurrency investor Vinny Lingham has revealed his prediction that Bitcoin will hit $3,000 by 2017.

Lingham's prediction

The prediction has appeared multiple times on Lingham’s Twitter feed, where he discusses some of his recent activities and hopes for the future of Bitcoin and altcoins.

Just a few days after Lingham made his prediction, Bitcoin hit a new all-time high of over $1,730.

However, Lingham noted that he would not discuss his trading in altcoins and other tokens for fear of influencing the market.

Lingham said:

“I don’t discuss my altcoin trading because I don’t want to drive up the price of the coins. Any profits I make are hard earned.”

Dealing with Development Roadblocks

Jason Cassidy, president of Crypto Consultant, also noted that achieving this milestone is possible if the hard fork situation surrounding Bitcoin’s scaling issues can be resolved without damaging Bitcoin’s current reputation.

He said:

“We saw the market’s resilience to the rejection of the Bitcoin ETF by the China Securities Regulatory Commission some time ago. At that time, this incident only had a slight impact on the price of the currency, and then it rebounded quickly.”

He explained that Bitcoin is acting as a store of value given its superior utility for transferring large amounts of wealth. Today, it is easier to transfer millions of dollars using Bitcoin than through the traditional banking system, both in terms of time, cost, security and administration.

Cassidy also pointed out that if Bitcoin can provide a settlement layer for customers for high-value transactions, then mass adoption of Bitcoin will eventually become a reality.

Cassidy explained:

“Japan is going through this phase right now, and we have some unresolved issues in the Bitcoin protocol. Given the importance of Japan in Bitcoin’s price today, and the fact that other countries are going through similar waves of adoption at the same time, once it starts, there will be nothing like Bitcoin in human history, and the $3,000 milestone will be reached and quickly surpassed.”