The cryptocurrency will continue to rise “during most of 2018” peaking at an eye-watering £45,000 ($60,000) until Moscow and Beijing begin a crackdown on digital currencies, according to Saxo Bank.
Cryptocurrency experts made the forecast as part of the company’s “outrageous predictions” for 2018, events the Danish bank says are “highly unlikely” but “with under-appreciated potential” to send shockwaves through financial markets.
As of 3pm GMT on Saturday, December 16, bitcoin is valued at $18,504 according to CoinDesk.
Saxo Bank predicts it will soar to its peak as investors become more comfortable tying up their money in digital currencies until more than £750billion ($1trillion) is invested worldwide.Related articles
But forecast then turns grim as the “phenomenon finds the rug torn out from under it” following a predicted intervention by Russia and China.
The forecast assumes a Russian crackdown taking the form of the Kremlin mining the cryptocurrency itself and “shifting the focus away from Bitcoin in an effort to keep more Russian capital onshore”.
Meanwhile in China, Saxo Bank predicts a state-sanctioned virtual currency will be launched which requires less