“Some large asset managers have been adding it to their portfolios. Big banks have been talking about how it could offer investors the same kinds of protection as gold does.

“This doesn’t guarantee that the current price is sustainable. It is still quite possible that at some point these investors will decide, for many possible reasons, that bitcoin really isn’t as useful as they thought it was.

“It is very possible that the real value of bitcoin is, as the Financial Conduct Authority (FCA) warns, nothing.

“However, for now at least, their interest does mean that cryptocurrencies are being treated a little more seriously.”

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