Six of the world’s largest asset managers have categorically ruled out investing in bitcoin, despite the price of the cryptocurrency jumping from $1,000 at the start of last year to a high of almost $20,000 in December.

Schroders, Aviva Investors, Janus Henderson, M&G Investments, Aberdeen Standard Life and Man Group all told Financial News they have no involvement in the digital currency and no future plans to invest in bitcoin, whose meteoric rise has been labelled a bubble by many critics.

The news will come as a blow to bitcoin proponents who are keen to see it evolve from an instrument associated with money laundering towards greater legitimacy.