Holly Andrews, Managing Director at KIS Finance, said people should only invest what they are prepared to lose in light of new research which found more than two thirds of crypto investors were borrowing to trade.

Ms Andrews said: "In recent years, cryptocurrencies have become far more mainstream with massive companies like PayPal now introducing cryptocurrency trading.

"Although cryptos, and specifically Bitcoin, have seen people make thousands or even millions in profit; they are incredibly volatile and can see investors losing massive percentages of what they put in very quickly.

"It's concerning that so many people have turned to borrowed funds to purchase cryptocurrencies as they are incredibly volatile and offer no guarantees that the money will be returned.

"So, if you are thinking of making an investment into cryptocurrencies, you should only invest an amount of money that you can afford to lose and it should be funded through income or savings rather than a credit facility.

"Borrowing money to invest in cryptos can become a very vicious cycle that's difficult to break."

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