Cryptocurrencies such as bitcoin are “vapour” and Reddit-driven moments of “madness” on the sharemarket will end in tears, according to Rob Adams, chief executive of active fund manager Perpetual.

Mr Adams said Perpetual would not be an investor in digital coins any time soon, even if some of the sophisticated or high-net-wealth clients of the $2 billion ASX-listed fund manager were interested in crytocurrencies.