Elon Musk: Why has Tesla bought up bitcoin?

According to Jason Cozens, Founder and CEO of fintech company Glint, the news should act as a major wake-up call for the banking industry as he sees a growing number of consumers dissatisfied with the financial system.

He said: "The accessibility and potential returns available, as well as the longer-term boost to their purchasing power, outstrips traditional banking savings accounts which are bogged down by minuscule interest rates which causes savings to actually lose real value."

"Although Bitcoin's rise might be dominating headlines, alternative global currencies across the board have seen huge amounts of activity in recent days.

"Unless banks adapt quickly to shifting demand for alternatives, their products risk becoming unfit for purpose to large swathes of consumers."

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