Bitcoin could see a fivefold increase in value by 2023, with the digital currency overcoming its “credibility hump” as professional investors with trillions to spend prepare to pile in.
One British fund group with tens of billions of pounds under management told Telegraph Money it was considering adding Bitcoin to one of its well-known funds.
The investment firm’s research showed Bitcoin could end up trading at $40,000 to $50,000 (£30,390 to £37,990) within two years as a best-case scenario. One Bitcoin currently costs $11,850.
The fund could end up putting up to 30pc of its gold investments into Bitcoin for 18 months to profit from a sharp rise in price if other institutional fund managers did the same.