BITCOIN price is likely to skyrocket to $100,000 and beyond as the cryptocurrency market expands, a technology boss has said.

CEO of Shopin Eran Eyal said he has “no doubt” bitcoin will reach a value of beyond $100,000 in the future.

Mr Eyal said it is important to separate bitcoin from other types of cryptocurrencies such as ethereum or Ripple. He said each cryptocurrency has its own “business model” to differentiate from one another.

Speaking on CNBC, Mr Eyal said: “I have no doubt that bitcoin is going to reach well-beyond $100,000. Have a look at how it has climbed over the past.

“I think it’s important not to just look at it at this moment in time but also to look at it historically at what has happened around the world.

“I mean, look in the United States, bitcoin exchanges were shut down three times. What we are seeing here is really government’s taking a knee and taking a moment to understand the ramifications for their specific culture.”

Mr Eyal said all cryptocurrencies are different. He used the example of ethereum and said it is a platform for building "exciting technologies".

He said it is “impossible” to look at bitcoin and ethereum and compare one to the other because “they are not both apples”.

Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.

Bitcoin price decreased to $11,727.39 at 10:46am on Monday, January 22, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

Bitcoin's popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.