Bitcoin is not as attractive as the distributed ledger technology that underpins it, a Chinese investment banker has said.

Fan Bao, CEO of investment bank China Renaissance, told CNBC Wednesday that the world's biggest cryptocurrency was "getting a little bit bubblish."

"I think we have to separate bitcoin from the blockchain," Bao said. "I think blockchain is very exciting technology, probably the most disruptive technology in our industry, the financial services industry."

Blockchain is a decentralized database of transactions maintained across a network of computers around the world, rather than in one single location.

Bao joked that if someone has invested in bitcoin, they would be "getting some good returns," but he expressed doubt about the virtual coin.

The price of the cryptocurrency surpassed $6,100 over the weekend, reaching a fresh all-time high. It has been faced with much volatility over the last few months, falling as low as $3,766, before recovering significantly.