Will Bitcoin reach $2,100 in 2017? This investment bank thinks so

According to Fortune, Bitcoin prices have increased by 75% in 2016. Recently, Danish international investment bank Saxo Bank recently released a '2017 Abnormal Forecast Report', which said that Bitcoin could increase by another 165% in 2017 due to Trump's 'spending boom'. The bank said that Bitcoin prices could increase from the current $763.80 (Coinbase exchange price) to $2,100+ in 2017.

The bank predicts that Trump's plans to increase infrastructure spending and further interest rate hikes by the Federal Reserve will cause the rising dollar price to continue to "go to the moon." The strong dollar will force emerging countries to seek alternative currencies.

“Given the boom-and-bust history of fiat currencies and excess debt, cryptocurrencies present a ready alternative. Bitcoin’s reputation as a cryptocurrency will benefit from market disruptions. Emerging markets are eager to break free from their peg to U.S. monetary policy, and banks are embracing blockchain as a payment system, demonstrating their willingness to embrace the technology to achieve zero interest rates and reduce systemic risk.”

The bank also explained:

“If banking systems and countries like Russia and China start accepting Bitcoin as a partial replacement for the dollar and traditional banking and payment systems, we could see the price of Bitcoin easily increase by 2x from the current $700 level to $2,100 as Bitcoin’s blockchain decentralized system, limited supply, and low transaction costs gain more traction and acceptance.”

As early as 2014, Saxo Bank’s then-CEO Lars Seier Christensen expressed his interest in Bitcoin in an interview, believing that Bitcoin was an opportunity for investors. At the time, he also hinted that the bank had conducted early tests on Bitcoin technology internally.