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Bitcoin has been dubbed as “digital gold” with US regulators saying the digital currency should be seen as a commodity instead of being compared to actual money. Tyler Winklevoss, co-founder of Winklevoss Capital, branded bitcoin as “gold 2.0” as he said the cryptocurrency could reach a capital appreciation of $7 trillion. Appearing on Bloomberg News, Mr Winklevoss said: “The market capital of gold is 7 trillion. In the market capital of bitcoin, let’s say it’s around 100 to 200 billion. “We think that bitcoin disrupts gold.

Getty•Bloomberg Bitcoin: Tyler Winklevoss said the cryptocurrency is

It is gold 2.0. So it has an appreciation from anywhere from 100 billion to 7 trillion Tyler Winklevoss

“It is gold 2.0. So it has an appreciation from anywhere from 100 billion to 7 trillion. So that could be anywhere from like 30 to 40 times from here.” Benjamin Dives, chief executive of the London Block Exchange believes the volatility surrounding bitcoin will soon come to an end. The London Block Exchange said that by the end of 2018, one in three British millennials will have invested in a cryptocurrency. The UK's first cryptocurrency exchange said digital currency investment will overtake bonds and shares as popularity rises in those aged between 18 and 35.

But Mark O’Byrne, founder of gold and silver merchant Goldcore said more people are investing in gold rather than cryptocurrencies. He said: “We think increasing people are realising that these digital assets have much higher risk levels than the traditional safe haven asset.” Bitcoin price increased to $8,258.72 at 08:10am GMT, on Thursday, according to CoinDesk. It saw its highest value before Christmas when it reached a monumental price of just under $20,000. The bitcoin price plummeted down to $6,000 on Monday – dropping its total market value by $67.7billion in just 24 hours – after a series of banks imposed a ban on customers using credit cards to purchase the digital currencies.

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