Bitcoin and the cryptocurrency craze should not be chased after, Luke Hickmore, senior investment manager at Aberdeen Standard Investment has warned. 

Speaking to Bloomberg, he said: “I still think it’s too high. It’s a useful technology, it’s a difficult to value asset. 

“I would happily see this down at $1,000 instead of $11,000. 

“It’s an asset that’s prone to a lot of regulatory problems over the next few months."

Hickmore said investors should not be chasing bitcoin but could look to emerging markets for similar value assets. 

He said: “You’re talking about investor’s gambling habits, right?

“There’s this sensible approach most people have to investment. They’re trying to pick good value assets, fundamental long-term ideas and there’s little bit on the top where they think, actually let’s have some fun with this and that’s what bitcoin’s been.

“It’s been that extra little blow up as things have got higher and higher in their prices and then it kind of attracts in a whole bunch of normal investors who should never be anywhere near it. 

“That’s what I think regulators are going to control.

“It’s a little bit of where else do you put your money. I think emerging market still works actually, emerging market debt still works, there’s value there.

“Don’t go chasing bitcoin to get your gambling habit sorted today, don’t go chasing bitcoin if you’re investing long-term.”

Bitcoin fell 15.19 percent to $11,522.69 at 13:54 in London, according to CoinDesk.com

Ripple dropped 18.37 percent to $1.37 at 13:54 in London and ethereum was down 14.87 percent to $1098.74 at 13:55 in London.