Chart of the day: Bitcoin history from zero to $2,700 and why it could hit $6000

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

The chart above reveals the growth trajectory of bitcoin since it came into existence in 2010. Bitcoins has now returned a massive 2700% in just over 7 years. Say what you like of it but this is what the chart says. You can get the interactive chart here.

Bitcoin prices have surged since March 2017 peaking at about $2742 as at Thursday, May 25 2017. Several analysts have tried to explain why Bitcoin is surging and these are some of the reasons proffered;

•  Legalization of the currency in Japan for payments
•  Interest from Korea and potential adoption from more countries around the world
•  The conclusion of a debate about the future of the cryptocurrency where Fifty-six companies around the world and 83 percent of bitcoin miners supported the “Bitcoin Scaling Agreement.” The document lays out an upgrade that should increase bitcoin’s transaction capacity.
• Fresh liquidity flowing into the currency from new converts as well as currency speculators

These reasons suggest Bitcoins could well hit $6000 by the end of the year according to analysts.