A SINGLE Bitcoin could be worth $6,000 (£4,524) by the end of the year as the cyber currency takes off, experts claim.
The value would represent a record high for the cryptocurrency which rose more than 74 per cent in the third quarter.
Gatecoin’s Thomas Glucksmann said: ”Throughout the year we've been predicting the bitcoin price will surpass $5,000 and creep closer to $6,000 by year's end. That prediction is looking more in line with market sentiment these days.”
Bitcoin was trading at $4,333 (£3,270) on Tuesday.
The cryptocurrency’s predicted boost would see it jump 40 per cent as volatility continues following the dramatic struggles it has been through in the last three months.
The currency is wholly digital and completing anonymous with all transactions taking place online.
Bitcoin has struggled with its poor public image following high-profile arrests and its perception as the currency of drugs and guns on the “dark web”.
As the underlying technology struggled to keep up with transactions the community split over disagreements on how to address the issue.
The split led to a new competitor to bitcoin being set up called bitcoin cash, but the new currency has struggled while the original has gone from strength to strength.
The currency shifted towards Japan which helped it grow, having previously struggled following a clampdown in China.
CryptoCompare CEO Charles Hayter said: ”Bitcoin's biggest price catalyst is regulation. Japan has breathed life into the price and as the fog of uncertainty clears in other jurisdictions, clarity on regulation will release a break on the price.“
The cryptocurrency has been able jump ship to Japan which has recently legalised bitcoin.
After a third-quarter rise, the digital cash was at its current record high of $5,013, boosted by regulatory support and interest from institutions in some markets.
It is not all plain sailing for the online money as expert Mr Glucksmann warned of more volatility to come as another possible split looms.