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Bitcoin value set to surge according to experts

Online currency Bitcoin has been touted to surge in value from $615 a share to $1,200, a 226 per cent increase on current estimates - according to a venture capitalist.

Bitcoin is a decentralised virtual currency

Bitcoins, which are earned by volunteering computing power to process the currency's data, can be used to purchase increasingly more goods and services - including even the Drum magazine.

This news comes after the virtual currency's value recently took a knock causing it to steadily decline in value, from $1,200 to the current $615. This is attributed to Chinese authorities toughened their stance against the company in May and the collapse of online exchange MtGox.

Speaking at the Coin Summit in London yesterday, Geoff Lewis, partner at the Founders fund, estimates the value of the Bitcoin will skyrocket, "I'm really bullish when there is low volatility" but stated that there will definitely be a rise".

Millionaire investor Roger Ver, dubbed 'Bitcoin Jesus', told the Telegraph: "I actually think $2000 is a pretty conservative estimate.

"We don't know if it will happen this year but there's no doubt in my mind that Bitcoin's price is going to be thousands of dollars and, almost for sure, tens of thousands of dollars for one."

There are over 13 million Bitcoins in circulation and there will be an estimated 8 million user wallets at the close of the year.