Mr Smith said: “We do expect bitcoin to hit $100,000 in the future – but not this year, as we expect volatility to continue into early 2022.

“However, the longer-term outlook for Bitcoin remains strongly bullish.

“Corporations and family offices are leading this by putting some of their excess cash into Bitcoin as an inflation hedge, and from a fundamentals perspective, it’s becoming clearer by the day that inflation is not going to go away.

“With the successful launch of the ProShares Bitcoin futures ETF, this will now offer an easy route for retail investors to take advantage of this marketplace too.”