Former hedge fund manager Hugh Hendry is bullish on bitcoin believing that the market cap of the flagship cryptocurrency could triple to $1.5 trillion on the back of worsening global macroeconomic conditions, according to a report by CryptoGlobe.

Speaking in a recent interview on BloombergTV, the Eclectica Asset Management founder reportedly said that he believed bitcoin will become a top-performing asset, particularly when macroeconomic conditions become "volatile" and that its market cap could rise to $1.5 trillion from its current $588 billion.

Digital asset investment products saw the largest single weekly inflows since July 2022 last week ($199 million), following nine consecutive week of outflows, according to data from CoinShares, with bitcoin seeing 94% of total flows.