As of the time of writing the price of Bitcoin was $47,177 (£34780). Referring to the outlook for Bitcoin in 2022, pioneer Max Keiser spoke to Express.co.uk and said: “I’m pushing my $220,000 prediction to 2022. All of Bitcoin’s fundamentals are screaming higher.

“The China mining ban last year was a temporary hiccup.

“I’m on my way to El Salvador where the Bitcoin revolution will expand and push fiat money into extinction.”

The news comes as Hungarian billionaire Thomas Peterffy, who once opposed cryptocurrencies, said it was safe to have two percent to three percent of his personal wealth in cryptocurrency, just in case fiat money “goes to hell”.

Mr Peterffy’s company, Interactive Brokers Group Inc, recently offered its clients the option of trading Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

This was after detected “an urgency” amongst investors to participate in trading action.

Peterffy, 77, said Connecticut-based Greenwich, Interactive Brokers, will offer the ability to trade around five to ten more coins starting this month.

The billionaire said that “it is possible for cryptocurrencies to generate extraordinary returns, although the reverse is also true”.

Another billionaire who is equally enthusiastic about Bitcoin is Ray Dalio.

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The founder of Bridgewater Associates recently revealed that he has Bitcoin and Ethereum in his wallet.

He said it was important to invest in cryptocurrencies because “money is a dumpster” and inflation erodes purchasing power.

The news comes after nearly half of the family offices that Goldman Sachs Group Inc. does business with were interested in adding cryptocurrencies to their portfolios.

Another billionaire, Cathie Wood of Ark Investment Management, expects Bitcoin to hit $ 500,000 (£370,000) over the next 5 years.

The New Year has begun with many bullish forecasts for Bitcoin.

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President of El Salvador Nayib Bukele on New Year’s Eve tweeted: “2022 predictions on Bitcoin:

“Will reach $100k.

“Two more countries will adopt it as legal tender.

“Will become a major electoral issue in US elections this year.

“Bitcoin City will commence construction.

“Volcano bonds will be oversubscribed.

“Huge surprise at The Bitcoin Conference.”