Interest from two camps is driving the price of Bitcoin soaring. The first wants to make money quickly by taking advantage of the interest and selling at a profit. The second sees the digital asset as a scarce resource whose value will rise as there is a firm supply and normal currencies are devalued by inflation.

As the moment in the spotlight will fade and the punters will fade, I believe that more and more “serious” investors will buy cryptocurrencies as part of their investment portfolios to hedge against rising inflation.

A leading group is Ruffer, the UK £ 20 billion fund house that bought Bitcoin to protect its all-weather portfolios from inflation. BlackRock, the American fund giant, has also opened two of its funds to invest in Bitcoin futures to profit from Bitcoin without directly owning coins. CEO Larry Fink said Bitcoin is here to stay.

I think he’s right and other big investors will follow suit. Once the biggest players are on board, a barrage of new money could pour into Bitcoin and raise the price. Given that we have over 100 years before the final bitcoin is due to be mined and it is only 12 years old, the journey has only just begun.