Cryptocurrency price LIVE: Elon Musk's reign of terror continues - Bitcoin plummets 4.2%

Katharine Wooller, managing director UK and Ireland of Dacxi, a crypto wealth building platform, said cryptocurrency has already made a massive impact and that its future is "bright".

Ms Wooller told "The future for crypto is bright; the speed of adoption the last 18 months has been nothing short of spectacular, and it has been widely accepted as an asset class by major investment banks, asset managers and hedge funds, with an estimated third of institutional investors exposed to cryptocurrencies.

"In payments, too, the major players are integrating crypto, including Paypal, Mastercard and visa.

"The majority of the world banks also are considering switching to central bank digital currencies; this includes the Bank of England which is considering what has come to be dubbed ‘Britcoin’.

"This is a key strategic gain for the industry on a number of fronts. It is a great sign of the dominance of crypto technology, which will increasingly be seen as standard, and that the majority of the world’s population will be using crypto, albeit sometimes without realising!"

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