The currency sparked a major resurgence after its market value reached an unprecedented high of $41,000 (£30,000) on January 7, before enduring its worst decline in 10 months a matter of days later. Economists and experts have warned that due to the volatile nature of the currency's value, investors should be cautious when opting to finance Bitcoin moves. Yet, others - including value investor Bill Miller - claim that the currency will only get stronger, as the price of Bitcoin rises.
Mr Miller stated that as it was still in the "early stages of the adoption cycle", volatility will always come with the currency, but as it gets stronger, the risk associated with investing in it will drop.
He explained that Bitcoin's total supply is building at less than two percent a year, and that it was "obvious by the price that demand is growing much faster than that".
Talking to The Exchange on YouTube, the founder and chief investment officer of Miller Value Partners said: "As long as that obtains, Bitcoin is likely to go higher and perhaps considerably higher.
“I think that Bitcoin... should probably be up 50 percent to 100 percent from here in the next 12 to 18 months.Insurance Loans Mortgage Attorney Credit Lawyer
Bitcoin 'becomes less risky the higher its value' expert predicted amid crypto boom (Image: GETTY)
Bitcoin: The currency divides experts (Image: GETTY)
"And if you were to ask me over or under, I would definitely say it would be much more likely to be higher than lower."
Despite this positive opinion, the likes of Gerald Moser - chief market strategist at Barclays Private Bank - continued to argue against investment in the currency.
Speaking after Bitcoin's peak this year, he concluded that it was "nigh on impossible to forecast" its price, making it "almost uninvestable from a portfolio perspective".
According to Financial News, Mr Moser added: "With spikes in volatility that are multiples of that typically experienced by risk assets such as equities or oil, many would probably throw the cryptocurrency out of any portfolio in a typical mean-variance optimisation.”
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Bitcoin was originally created in 2008 (Image: GETTY)