Bitcoin is set to hit $11.3 billion by 2021, according to research firm Digital Currency Group.

The cryptocurrency surged nearly 30% to a record high on Monday after Chinese authorities declared a ban on virtual currency exchanges.

The digital currency has surged almost 40% since the government announced a crackdown on the virtual currency on February 20, which was the first time China had imposed such a ban in its nearly five-decade history.

The Chinese government has been tightening restrictions on Bitcoin exchanges, including banning the sale of bitcoin to foreigners and freezing the assets of some of the country’s largest exchanges.

The move prompted Bitcoin price rallies on Monday.

However, digital currency prices are expected to fall in 2021 due to weak demand, according the firm.

Bitcoin, which started in 2009, has been trading above $11 billion on several occasions.

The cryptocurrency gained about 20% in 2017 as it surpassed $2,000.

Digital currency, which is a type of virtual currency created by using computer programs to create virtual tokens, has surged in popularity and adoption.