Laszlo Birinyi, the founder of Birinyi Associates and stock market guru, believes that the amazing increase in the price of bitcoin – the cryptocurrency has increased in value by 1,950% in the past 12 months – is helping to attract new investors to global stock markets.

In the CNBC interview, Birinyi said that the frenzy around bitcoin was forcing cash which had been idle back onto the stock markets, and was helping the market to reach record highs:

\"Bitcoin is creating lots of interest for everybody. But it also gives those on the trading desk a shot in the arm…Suddenly, more and more ordinary people are becoming aware of the market – the stock market – and that it is a way to make some money.\"

Birinyi went on to sound a note of caution, saying he believed that bitcoin was displaying bubble-like features, adding that if it is a bubble, it would be one of the largest in financial history.

While it remains true that bitcoin has a number of very vocal sceptics, it would appear that increasing numbers of investors from Wall Street are entering the cryptocurrency markets. Bill Miller, the world renowned investor, recently announced that 50% of his hedge fund was invested in bitcoin.