When Venture Capitalists invest in a sector, it’s worth taking notice, so with nearly USD 1 billion invested in Bitcoin, check out this lovely infographic showing why 2016 should be another good year for Bitcoin
2016 Is Likely To Be Another Important Year For Bitcoin
33 Signs Bitcoin Growth Isn’t Slowing Down
Despite the hike in US interest rates last year that increased the strength of the US Dollar, it wasn’t the top performing currency. The winner, showing a whopping 35 per cent gain over the US Dollar, was Bitcoin. Second was the Israeli Shekel, growing slightly ahead of the US Dollar by 0.3 per cent.
The worst performing currencies were those from countries that were hit by commodity price falls and geo-political strife. These include Russia, South Africa, Argentina, Brazil and Ukraine, which fell a massive 33.8 per cent in relation to the US Dollar.
You can see how Bitcoin performed against other currencies.
Why Venture Capital Is Funding Bitcoin
From a tiny USD 2 million invested in Bitcoin 2012, the total amount of venture capital invested in Bitcoin by the end of 2015 was a staggering USD 927 million. With more than half of this sum being invested in 2015, early signs are that 2016 will continue to see Bitcoin prosper.
Fuelled by venture capital, Bitcoin is quickly establishing itself as a major worldwide currency. It’s now accepted by more than 100,000 retailers across the globe, including world-class merchants such as Microsoft, Dell, Expedia, Intuit and TimeInc.
Daily Bitcoin transactions currently amount to USD 289 million. That’s almost as much as Paypal, which averages USD 397 million a day.
Bitcoin And SIPPs
Although it's unlikely your SIPP operator will allow you to hold Bitcoin in your SIPP at the present time, it might not always be the case. With a market capitalisation worth billions of dollars, there's clearly an active market, evidenced by a number of websites quoting the current value of Bitcoin like this one.
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