📌Limit to 21 million bitcoins. Having it be harder to mine, along with a limit on how many can be created, makes the supply side come into play.
📌Lost keys. In fact, total amount of bitcoins is even less than 21 million. A huge number of CC keys is already lost forever, which also lowers the supply.
📌Network effect and media exposure. More and more people learn about cryptocurrencies and enter the market.
📌Large investment firms lend credibility. Significant financial institutions wouldn’t be putting resources and people into CCs if they didn’t feel they weren’t viable.
📌It’s getting harder and costlier to mine. If mining costs increase it could slow down how fast new Bitcoins are created which would put a damper on its short-term supply.
📌Hoarding of Bitcoins could occur as their owners expect their value to increase. While this could limit the supply of Bitcoins this can occur with any asset.
📌Illegal activities. Since Bitcoin users can remain anonymous and can work from anywhere in the world, this could lead to an increase in demand for them least at the margin.
📌Bitcoin has started to gain traction with people who live or send money to countries whose governments they don’t trust such as Zimbabwe or where inflation is very high, for example Venezuela.
📌FOMO or Fear of missing out. Investors don’t want to miss out on the next big thing and to a degree also want bragging rights that they own Bitcoin.
P.S. if you hadn’t bought any cryptocurrency yet – it’s the best time to start.
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Nice post !!! I believe bitcoin will reach 20.000 usd very soon. But it will reach 50.000 usd at june 2018!!!