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Bitcoin was ridiculed by Cumberland Advisors chairman and chief investment officer, David Kotok, for having less tangible value than a chocolate coin. Appearing on Bloomberg, Mr Kotok offered the hosts a “New Year’s gift” – a chocolate coin shaped like a bitcoin. Handing out the sweet treat, he said: “I brought proof that bitcoin can be tangible, here’s a New Year’s gift for each of you.” The delighted presenters asked if the gift was chocolate.

BLOOMBERG Bitcoin price warning: The investor compared Bitcoin to a chocolate coin

That is the most tangible value you will see in Bitcoin David Kotok

Confirming their guess, Mr Kotok said that the chocolate version of the cryptocurrency had more value than the real thing. He said: “That is a chocolate covered bitcoin, that is the most tangible value you will see in bitcoin.” One of the hosts joked: “I’m never going to eat it, you never know how much that could be worth.”