Bitcoin price 'BOOM': VISA executive hails cryptocurrency 'LIQUIDITY' as values SOAR

Jon Matonis forecast the increased involvement of leading banks and insinuations such as Goldman Sachs is set to prove incredibly positive for Bitcoin.

He said: “I think it’s fabulous that they’re getting into it because it brings in new liquidity.

“They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around Bitcoin.

“We’re used to hearing things about LIBOR, the index for bitcoin interest rates is BIBOR.”

The Intercontinental Exchange London Interbank Offered Rate (LIBOR) is the rate banks charge each other for short-term loans.

Mr Matonis then declared Bitcoin is not a bubble, instead he iterated “insane bond markets and fake equity markets” are set to be hurt by the cryptocurrency “pin”.

He explained: “To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble.

“The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks.

“Those are the bubbles.”

The last 24 hours have boded well for Bitcoin.

At the time of writing the cryptocurrency is currently trading for $7,068.79 (£5,029) – this marks a price rise of 4.3 per cent.

Bitcoin has added $291.50 (£207) to its value in the last day.

However, despite the recent positives, overall the last month has proven to be tumultuous for Bitcoin investors.

During the period the cryptocurrency has shaved off $4,294.34 (£3,055) from its value.

This marks a shocking decline of 37.93 per cent.

The sheer highs and low of the cryptocurrency market demonstrate its monstrous volatility.