Bitcoin price forecast: Cryptocurrency to reach $100,000 in 10 years

BITCOIN'S price could rise another 3,000 per cent to reach more than $100,000 over the next 10 years, according to a top analyst.

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Bitcoin's value is forecast to keep on rising

The cryptocurrency recently hit record values, but the rally has much further to go, Kay Van-Petersen has predicted.

He believes bitcoin and other currencies underpinned by block chain technology are set to become more mainstream over the next decade.

Mr Van-Petersen believes crypto currencies will account for around 10 per cent of the average daily volumes (ADV) of fiat currency trade by 2027, according to CNBC.

Bitcoin and its rivals could have around 35 per cent of the market share with around $175billion of bitcoin trade each day with a total market value of $1.75trillion.

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Japan recently helped bring Bitcoin into the mainstream by passing legislation that allows it to be accepted as a legal currency.

The currency has a limited supply of around 21 million, which has helped it reach safe haven status - like gold.

The supply is expected to be reached by 2140 - it's currently at around 16.3 million.

The ascent of bitcoin has helped fuel demand for other cryptocurrencies, such as Ethereum.

Mr Van-Petersen told CNBC: "This is not a fad, cryptocurrencies are here to stay.

"There will emerge two to three main ones.

"Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering."

It's now seven years since what is thought to be the first ever transaction using bitcoin and since then demand for the currency has continued to surge.

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