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.
Donald Trump signed a sweeping tax overhaul bill that would boost the economy, reduce the deficit and reduce taxes on the rich, while providing the biggest tax cut to corporations since the Reagan era, President Donald Trump announced Friday.
Trump signed the tax bill into law Friday morning at the White House, after the Senate passed the bill last week.
The tax cut would generate $1 trillion in additional economic growth, according to the Joint Committee on Taxation.
Trump said the tax cuts would pay for themselves, but Democrats and some economists have said that would be harder to achieve.
The president touted the bill’s economic impact.
The bill will spur job creation and boost wages by $4.5 trillion, he said.
It will help make America great again.
Trump and House Speaker Paul Ryan touted the tax changes at a White House ceremony in early December.
Trump was one of several GOP lawmakers who criticized the Republican leadership for not passing a tax overhaul that could have provided more revenue to help pay for the tax relief.
Trump has repeatedly said he would not support a tax bill that included a repeal of the estate tax.