Cathie Wood, the US star fund manager and founder of Ark Investment Management, has said bitcoin is currently in its “prime time” and has predicted demand from institutional investors will propel the crypto currency's market cap well beyond the $1tn mark.

Ark, which manages more than $50bn across seven US-listed ETFs, has exposure to bitcoin via its Next Generation Internet ETF. According to most recent holdings data, the $5.3bn active ETF has more than 5% of its assets allocated to the Grayscale Bitcoin Trust, its second largest holding after Tesla.