F-Secure Chief Research Officer: Bitcoin price will be close to $1,000 by the end of 2016

Mikko Hypponen, a well-known security and privacy expert, TED speaker and chief research officer of F-Secure, a world-renowned computer and network security provider, predicts that the price of Bitcoin will be close to $1,000 by the end of 2016. On F-Secure's news release channel Safe & Savvy, Hypponen said:

“Bitcoin’s rise to nearly $1,000 by the end of 2016 will fuel interest in using Bitcoin in botnet attacks.”

In an interview about major hacks, Bitcoin, and other trending discussions within the security and privacy community, Hypponen explained that his F-Secure team is guiding daily operations based on future threats and trends. As early as December 11, 2015, he emphasized that Bitcoin is an important tool for criminals and of course the general public, so this digital currency has become a key part of F-Secure's research projects.

TED speaker and F-Secure chief research officer Mikko Hyponen

Hypponen further stated that he will continue to store Bitcoin because he firmly believes that the value of Bitcoin will continue to rise rapidly in 2017.

Bitcoin criminal funding

Although Hypponen stressed the importance of Bitcoin as a criminal fund and explained its increasing use in criminal activities, the increase in Bitcoin's criminal use actually proves a positive outlook for Bitcoin.

Some traders, investors, and prominent individuals tend to view Bitcoin as a global store of value or digital gold, attributing its applicability in the criminal world. However, it is also important to note that criminals are always looking for better technologies and ways to easily process transactions in a secure and efficient ecosystem.

Instead of viewing Bitcoin as criminal money, users and investors should acknowledge that criminals are viewing Bitcoin as more efficient than cash, gold or other forms of traditional backing and currency.

Growing criminal activity is not one of the many factors driving the Bitcoin price rally over the past week. According to mainstream analysts, research teams and media reports, the Bitcoin price surge can be attributed to two main factors: increased demand vs. reduced supply and tightening capital controls due to currency debasement.

But if Bitcoin allows criminals to settle cross-border transactions without any boundaries, it also means that Bitcoin can serve as an efficient currency for the general population, including the unbanked who are struggling with the lack of proper financial infrastructure.

Predictions for 2017?

Despite numerous requests from social media and the online Bitcoin community, Hypponen has yet to make a prediction for 2017. This may be because Hypponen is reluctant to provide an official prediction, as 2017 is a highly anticipated year for Bitcoin investors and companies.

There are many factors that could drive Bitcoin prices to new all-time highs next year, including the launch of a Bitcoin ETF, major improvements to the Bitcoin protocol, and the emergence of practical Bitcoin platforms dedicated to solving real-world problems, such as payments, cross-border transactions, and asset settlement.