Bitcoin is touted as the criminal's currency of choice thanks to its anonymity, but a Met police chief has warned that tracing the money trail is easier than a culprit might think.

Detective chief superintendent Mick Gallagher, the head of the Organised Crime Command, said the force was finally "getting to grips" with cryptocurrency.

London has become a hotbed for Bitcoin-related crime, he admitted during a briefing on cyber crime prevention in New Scotland Yard, but this was only "natural", thanks to the multicultural capital's status as a financial and foreign business hub.

He said: "The reason why London gets targeted is because we are a huge financial sector, the biggest in Europe, and as a city we are punching above our weight.

"We are also the most diverse city on the planet and we have lots of international activity so it makes sense that London would draw the attention of organised criminality in this way," he added.