Despite the biggest trading day for Bitcoin culminating in a cap of $ 14,000, Coutts Bank of England is moving away from the cryptocurrency.

Joining the chorus of Bitcoin's detractors like Jamie Dimon and Dennis Gartman, Coutts Bank, whose list of esteemed customers includes the British royal family, are skeptical at best about Bitcoin's meteoric rise in value.

Speaking with The Telegraph, analyst Lilian Chovin stated that the virtual currency is a speculative asset that has no tangible value.

"Its strong increase brought back memories of the dotcom bubble at the turn of the century."

"Our opinion in Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but a feeling that supports them."

Chovin came to notice that the atmosphere that prevailed around Bitcoin was very skeptical, mainly due to the capital gains made by early investors.

Another concern is the inability to predict what the future holds for virtual currencies in terms of legislation and government regulations:

"They are vulnerable to government sanctions and lack the kind of information we seek to measure value." Therefore, we do not have current plans to include them in our investment strategy. "

Ironically, the analyst pointed out the possible applications of the Blockchain technology as something the bank is paying close attention to.

By staying away from a cryptocurrency based on Blockchain, Coutts could potentially invest in other industries that find innovative ways to apply Blockchain technology, according to Chovin:

"In our opinion, the development of Blockchain technology, which is behind the so-called 'cryptocurrencies' such as Bitcoin, is a much more interesting area to see."

"This new technology has the potential to alter any field where there is a need for safe and transferable records."

Beware of the launch of futures

While most banks have kept their distance from cryptocurrencies, there is no doubt that they will be watching the launch of Bitcoin futures by CBOE and CME in the next two weeks.

Trade exchanges will open the way ahead of less ambitious institutional investors, and their success and failure will be analyzed by the rest of the financial world.