[2016-12-27] BS: Bitcoin best performer of 2016, outlook bullish for next year

Bitcoin best performer of 2016, outlook bullish for next year

http://www.business-standard.com/article/economy-policy/rs-63-000-bitcoin-price-more-than-double-may-touch-all-time-high-in-2017-116122600186_1.html

Bitcoin has emerged as the most remunerative asset in 2016. Analysts are bullish on the asset class which has surpassed almost all others. Even gold, which was considered a safe avenue in times of crisis, has given up almost all the gain it has made during 2016.

In 2016, Bitcoin price has more than doubled and quoting around $875 (about 60,000), after touching a high of $916 last week. However, price movement in India was much sharper in the past three months. On Zebpay, one of the largest Indian bitcoin exchanges, in last three months, prices have increased from Rs 41,250 per unit to Rs 62,000. In November it touched a high of Rs 69,500, an all time high due to 40 per cent premium to international price, following a confidence crisis and search for alternative asset increased in India after demonitisation of Rs 500 and Rs 1,000 notes. However, later some overseas remittances came in to add to supply and some profit booking helped premium to settle 8-10 per cent to international prices.