Reason for Bit Coin Price Boom in 2017?

[glowing10]

the reason that btc skyrocketed is because, many countries and companies and organizations slowly recognizes bitcoins and many transactions are made using bitcoins, specially because December is a Christmas season. So yeah, and I hope btc prices will grow bigger.

Due to the media started covering widely in news channel and daily in newspaper in our country we could read more about btc and the phenomenal gains it has given in the recent years made people more anxious about it. thus many people to get such gains started investing in it and thus demand went up suddenly worldwide in anticipation to keep btc with them and in future it will rise more.

[giogio0504]

More people were involved in crypto industry, I think it is also related to good promotion and PR, a lot of people got aware that they can get benefit easily by holding bitcoin, or by mining and trading. More people were involved more was the price, but in the beginning of the year situation changed because of some regulations and restrictions in Asia, so panic syndrome took over and people start to sell coins, so price decreased.

[awawo]

The reason for the bitcoin price boom in 2017 was due to so many factors, the bitcoin network became so popular in 2017 resulting  into more people picking interest in bitcoin and investing in it and again they are so much big investor who pump money into bitcoin in other to derive big gain that also result into price increase. Since bitcoin operate on the law of demands and supply when more people buy bitcoin the price tend to rise and verse versa, people got to understand that bitcoin provide them the opportunity of having a secondary currency aside the traditional faint currency.

[Future3000]

High media activity was the reason. Everyone was talking about bitcoin all the time, lots of miners and farms appeared around the globe, people started buying without any expertise and knowledge, so it exploded.

[derago21]

The spike was due to a lot of FOMO's getting into Crypto and we all then knew what happened right after that, it dropped down by a big margin and now stabilizing at $12K.

[CryptoRyuzaki]

there is always an increasing adoption of bitcoin which is constantly contributing to the long term rise of bitcoin price. last year this adoption was "booming" which is why the price also "boomed".
here are major incidents that contributed to this big rise:

• mainstream adoption of bitcoin in Japan. finally Japanese decided to officially accept bitcoin as a "legal method of payment" and that was a big move helping the rise a lot. mainly because of hundreds of merchants in Japan that started accepting bitcoin. this was also led to change of views in other countries even in Russia after years of negativity against bitcoin.
• removal of  taxes on bitcoin payments. again in Japan and a couple of other countries like Australia. and you can imagine how merchants that were already accepting bitcoin and the new ones felt. which helps with the adoption.
• the end of 3 year scaling debate in August. finally the scaling debate which was a very big slow down for bitcoin's growth came to an end when the big blockers forked off and bitcoin could finally come to consensus and have Seregated Witness activated which also opened up lots of future possibilities such as Lightning Network, Cross Chain Transactions (Atomic Swap), more anonymity (Confidential Transactions), ...
• price rise itself. when bitcoin performs well and it is rising and giving a lot of profit, a lot of new investors become aware of it and start investing in it in order not to "miss the boat"
• a lot of publicity in the media which is practically advertising bitcoin!

Thanks for your insights - I wasn't aware of the huge adoption level in Japan (like removal of taxes). This and the media coverage on bit coin prise rise would have given lot of confidence for new investors to trust and invest in bit coin, which would have let to its meteoric rise!

[smarteth]

the main reason for bit coin price increase is block chain technology