The latest Bank of America Fund Manager Survey reveals that about 3 out of 4 expert financiers believe that bitcoin is a bubble. The fund managers also ranked bitcoin 2nd on the list of the most congested trades. Recently, financial investment bank JPMorgan also alerted that cryptocurrency as a sector remains in a bubble.
Bank of America Survey Shows Most Fund Managers Think Bitcoin Is a Bubble
The Bank of America Fund Manager Survey for April reveals that the bulk of fund managers see bitcoin as a bubble. The study asks 200 fund managers with $533 billion in properties under management.
Answering the concern of whether bitcoin is a bubble, 74% of financiers responded “yes.” Just 16% stated “no” to the concern and 10% stated they either did not understand or did not wish to respond to the concern. In contrast, just 7% of financiers believe that the U.S. equity market remains in a bubble. Most participants believe that the equity market remains in “a late-stage booming market.”
The fund managers who reacted to the study also ranked bitcoin 2nd on the list of the most congested trades, with 27% stated BTC was the most congested trade. Technology stocks rank initially with simply over 3 in 10 participants pointing out tech as the most congested trade.
Nonetheless, about 10% of fund managers still think that bitcoin will outshine in 2021.
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Bank of America has actually been stating that bitcoin remains in a bubble for months. Earlier this year, Michael Hartnett, primary financial investment strategist at Bank of America Securities, stated that bitcoin appears like “the mom of all bubbles.” In March, the bank’s strategist stated that the just great factor for holding BTC is “large cost gratitude.”
Recently, financial investment bank JPMorgan also called cryptocurrency as one of the sectors it thinks remains in a bubble. Despite this view, the company has actually forecasted that the cost of bitcoin might reach $130,000 in the long term.
What do you consider the Bank of America study recommending that bitcoin is a bubble? Let us understand in the comments area below.
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