Twitter chief executive Jack Dorsey claimed recently in these pages that cryptocurrencies were on the verge of revolutionising financial institutions forever. A view that was once the preserve of internet anarchists is now being endorsed by executives of some of the world’s leading companies.

Perhaps Dorsey’s vision is more futuristic than that of the average banker or investor, but there is no doubt that traditional financial services firms are warming to the opportunities afforded by cryptocurrencies and the technology – such as blockchain – which underpins them.

Goldman Sachs has launched a Bitcoin futures market and influential figures, such as Jamie Dimon and George Soros, have reversed their position on the value of these investment products. The tide is turning for cryptocurrencies, which are slowly but surely gaining a foothold in the more established parts of the financial system.

Acknowledging this increased interest from more traditional financial firms is not to deny that cryptocurrencies are still experiencing the growing pains which are to be expected in a nascent investment product.

Despite astonishing gains in 2017, many cryptocurrencies have experienced extreme volatility thanks, in part, to crackdowns on illicit or unregistered investment professionals from regulatory bodies, governments and even technology companies. Entirely fair questions are now being raised about the possible illegitimacy of some investors and developers behind the currencies in cyberspace.