Bitcoin lacks practical real-world application, which serves to undermine its true value, these experts have said.

Interest in the cryptocurrency has continued to grow in Estonia.

Peeter Luikmel, head of monetary policy at the Bank of Estonia (Eesti Pank) said that no serious central bank is planning on holding Bitcoin reserves, as it essentially constitutes a "lottery ticket."

He said: "One red flag is the U.S. speculation, which has not materialized into any decisions so far."

Sander Pikkel, head of investment services at Estonian bank LHV, meanwhile noted that Bitcoin's practical real-world application remains questionable.
"Yes, it is still hard to find a real-world use where it can be applied as a technology, particularly as a consumer technology," Pikkel said.

Not all experts agree.

Hermes Brambat, a board member of virtual currency mining company Nordcoin Mining, said Bitcoin's current high price is nothing out of the ordinary, but rather a natural progression.

"This is part of a maturing asset class. This volatility is a natural part of it," Brambat said.

Bitcoin has already proven itself as a fast and reliable currency, he added.

"When compared to banking services, Bitcoin is far more efficient and reliable for moving capital, regardless of its size," Brambat explained.

ERR also spoke to Binance, the world's largest cryptocurrency trading platform, asking the company how much Estonian citizens' and residents' interest in trading cryptocurrencies via their platform has grown over the past year.

Binance's Estonian representative Polina Brottier said: "Both Estonia and Latvia are key countries in the spread of crypto in the Baltic region."

As of Monday Bitcoin's price was over US$107,000 (nearly €102,000).

Its price has risen by more than 50 percent over the past month or so, partly fueled by president-elect Donald Trump's favorable statements toward cryptocurrencies.

Trump proposed last week that the U.S. could establish a national digital currency strategic reserve, similar to a strategic oil reserve.

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