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CEO of Shopin Eran Eyal said he has “no doubt” bitcoin will reach a value of beyond $100,000 in the future. Mr Eyal said it is important to separate bitcoin from other types of cryptocurrencies such as ethereum or Ripple. He said each cryptocurrency has its own “business model” to differentiate from one another. Speaking on CNBC, Mr Eyal said: “I have no doubt that bitcoin is going to reach well-beyond $100,000. Have a look at how it has climbed over the past. “I think it’s important not to just look at it at this moment in time but also to look at it historically at what has happened around the world.

Getty•CNBC Bitcoin price will increase to "well beyond" $100,000 according to CEO Eran Eyal

I have no doubt that bitcoin is going to reach well-beyond $100,000 Eran Eyal

“I mean, look in the United States, bitcoin exchanges were shut down three times. What we are seeing here is really government’s taking a knee and taking a moment to understand the ramifications for their specific culture.” Mr Eyal said all cryptocurrencies are different. He used the example of ethereum and said it is a platform for building "exciting technologies". He said it is “impossible” to look at bitcoin and ethereum and compare one to the other because “they are not both apples”. Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.

Bitcoin price decreased to $11,727.39 at 10:46am on Monday, January 22, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000. Bitcoin's popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.

Everything you need to know about bitcoin Mon, October 30, 2017 How to buy bitcoin: Everything you need to know about cryptocurrency wallets and bitcoin cash. Play slideshow Getty Images 1 of 13 Bitcoin is a new kind of money

Billionaire business mogul Warren Buffett warned bitcoin and other cryptocurrencies are “certain” to end badly. Mr Buffet said he is unsure when the cryptocurrencies bubble will burst but he is “certain” it will happen. He said: “I know this. If I could buy long-term puts. If I could buy a five-year put on every one of the cryptocurrencies – I’d be glad to do it. But I would never short a dime’s worth. “I think what’s going on will definitely come to a bad ending.” Bitcoin investors are worried they will be unable to withdraw their cash after cyber-attacks have left some investors money stuck in the system.

There are fears that some of those who have invested in the crypto-currency will struggle to get their cash out after Bitcoin’s value plummeted by 40 percent in a single month. BitConnect, a coin exchange server, announced that it was shutting down meaning all traders would need to withdraw their money. However, despite reassurances customers would be able to withdraw at a "recent exchange rate”, those trying to retrieve their investment found they were unable to do so due to continuous cyber-attacks. News coming from the Davos world economic forum confirms that UBS Chairman Axel Weber, told reporters that bitcoin and other cryptocurrencies were speculative, risky and “not an investment we would advise”. Weber told CNBC: “Retail clients, who don’t fully understand these products, should be protected from going into these products, because if there is a retail client affected in the future, the question will be again who was the bank that sold them these products and then banks will be blamed again for what has happened."

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip