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Mr Greenspan, a senior market analyst at eToro, said it could be decades before bitcoin has a stable price. Speaking exclusively to Express.co.uk, Mr Greenspan said: “I don’t think the volatility is going to go away any time soon, especially since we still have a lot of bitcoin ‘whales’ or people who are involved in bitcoin early on who have amounted a large amount stockpile.

“That’s going to be a threat to the near-term and possibly for the long-term. “Over time, if we are looking at decades into the future, once the adoption rate of bitcoin is normal and has reached full market penetration, which we are nowhere near at the moment, and once you see more distribution and more liquidity in the market, I believe we can then have a much more stable price fluctuation.” I don’t think the volatility is going to go away any time soon Bitcoin hit sub-$8,000 for the first time since mid-April on Friday, far below its summer peak of $9.826.

The erratic pricing marks a huge contrast to the bitcoin boom of late-2017 and early-2018. From October to December the value of bitcoin soared from $4,309 to $19,304 – a staggering 450% increase.

Bitcoin price is at $7,458.64 at 20:21 (BST) on Tuesday, according to Coindesk. Despite the falling markets towards the end of May, BitMex CEO Arthur Hayes predicted bitcoin will be at “$50,000 by the end of the year”. Read more from express.co.uk…

thumbnail courtesy of express.co.uk