Confidence in the cryptocurrency was boosted this month after bitcoin began trading on two major US regulated exchanges – CBOE and CME.
Financial headlines then erupted with speculation when bitcoin prices hit £14,980.40 ($20,000) on some exchanges over the weekend, and some economists believe this is not the end of the road yet.
How high could bitcoin rise?
Independent research analyst Ronnie Moas is certain the crypto token could become the “most valuable currency in the world” at a price tag of £224,280 ($300,000).
The founder of Standpoint Research first predicted over the summer that bitcoin had the potential to shoot past £3,738 ($5,000) when it was still below £1,943 ($2,600).
Mr Moas said: “Bitcoin is already up 500 per cent since I recommended it in the beginning of July, and I’m looking for another 500 per cent move from here.
“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world.”
Bitcoin price: The popular crypto token surged to $20,000 over the weekend on CoinBase
The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion
Ronnie Moas, Standpoint Research
Will the bitcoin bubble burst?
Eric Shiffer, a veteran entrepreneur and CEO of Patriarch Equity told Express.co.uk that bitcoin’s inflated price is the “bloodiest financial danger of the 21st century”.
He said: “I think bitcoin is a ‘tower of death’. It is going to result in the imminent death of your investment – a thermonuclear death.
“Right now we are looking at a financial bubble that is bigger than the tulip craze and I believe that we are headed for a bitcoin crash that will supersede any financial worries of the 21st century.
As soon as confidence in the token is shaken, he said, a panic could sweep through investors leading to bitcoin’s collapse.
He said: “A lot of people are sitting on millions of dollars in profits right now and the minute they think this is going to crack, they are all going to sell at the same time.”
Bitcoin price: Many analysts have warned that bitcoin is going to crash and burn without notice
He said: “Personally I think Bitcoin will be the biggest bubble of our lifetime.
“Bitcoin has already reached over $10,000 a coin and it will not be long until Bitcoin valuations and prices continue to rise and spiral out of control.”
Streamed live on 29 Nov 2017