Bitcoin breaks through the $1,100 mark, French media says the market is still bullish this year

French media said that 2017 started with the stamp of Bitcoin. On the 2nd, the electronic currency broke through the $1,000 mark on several of its online trading platforms. This was the first time in three years and the result of its 120% increase in 2016.

On January 3, France's L'Echo reported under the title "China makes Bitcoin bullish" that in fact, Bitcoin has benefited greatly from the rise in various political risks last year, especially Brexit in June and Trump's protectionist remarks against China, as Bitcoin has mainly gained ground in Asia.

First, in China, it serves as a shield for the yuan. In addition, Beijing's desire to limit capital outflows by making foreign exchange transactions more complicated has prompted local savers to turn to this non-physical and anonymous currency. Fears of real monitoring of funds have accelerated the appreciation of Bitcoin in recent times, and Beijing has introduced various new measures in parallel.

In India, Prime Minister Modi's decision to abolish banknotes of high denominations at the end of the year in an effort to combat corruption has undoubtedly benefited electronic currencies. Paul Gordon, a board member of the UK Digital Currency Association, believes that "the growing war against cash and capital controls makes Bitcoin a viable, albeit risky, alternative." The total amount of Bitcoin in circulation is estimated to be more than $16 billion, equivalent to about 1.25 Bitcoins generated every minute.

According to reports, Bitcoin is approaching its record of $1,163 reached on the Bitstamps platform in December 2013. Some experts who were asked questions on the Bitcoin Counter website believe that the currency may appreciate between $1,200 and $1,400 this year, and one expert even bets that it will appreciate between $2,000 and $3,000, citing uncertain US economic policies, China's uneasy debt levels, and the possibility of questioning a future election schedule in the eurozone. (Compiled by Lu Yangyang)