Bitcoin has exploded over recent months, soaring to almost $60,000 as investors have rushed to buy cryptocurrencies.

The bitcoin price, which wobbled last week after Tesla TSLA chief executive Elon Musk warned it “seemed high,” has bounced back thanks to fresh institutional support.

Now, despite bitcoin racking up gains of almost 500% over the last 12 months, British asset manager Ruffer has predicted bitcoin adoption by traditional financial institutions is just beginning—calling its entry in to the bitcoin market last year “early.”

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