This is why 74% of those who responded to the Bank of America Fund Manager Survey see Bitcoin as a bubble
According to the latest survey by Bank of America Fund Manager, most professional investors claim that Bitcoin is just a bubble with prices still skyrocketing and a massive public offering hits the market.
Some 74% of those who responded to the Bank of America Fund Manager Survey said they see Bitcoin as a bubble
Bank of America chief investment strategist Michael Hartnett and his team in the April survey stated:
“Only 7% of investors think the U.S. equity market is in a bubble, 25% think the early-stage bull market, and 66% late-stage bull market.”
They find that both global investors’ macro and market optimism are high, with tense prospects, higher inflation and taxes seen as more pressing risks.
Accordingly, about 74% of those responding to the closely watched market index said they see Bitcoin as a bubble. Only 16% said no to this question. Fund managers also ranked Bitcoin second on the list of the most crowded transactions, followed by technology stocks. Cryptocurrencies rank well against trends for the environment, society and corporate governance, or ESG, cycle stocks, and against the US Treasury.
Just over three out of 10 respondents said technology is the most crowded transaction, while 27% said Bitcoin. However, about 10% said they think Bitcoin will perform better by 2021. The findings come as soon as traders are pricing Bitcoin and the market is waiting for a major launch. for public listing.
Bitcoin’s price has risen almost ninefold in the past year amid both speculative frenzy and broader adoption. Tesla founder Elon Musk earlier this year said the electric car maker would accept Bitcoin payments, and many Wall Street banks were rolling out terms for crypto-interested customers. At the same time, Coinbase, the largest cryptocurrency exchange, will go public on Wednesday with a live offering on the Nasdaq board.
The company had 56 million verified users and reported revenue of $ 1.8 billion in its first quarter. The market expects the valuation to go up to $ 100 billion. The Bank of America survey shows that investors’ concerns are changing.
While Covid-19 has dominated as the biggest market fear, that has turned to worry about bond market fury if the Federal Reserve cuts down on asset purchases early, followed by inflation. Some investors see Bitcoin as a hedge against inflation, essentially a place to store money when prices are rising.
You can see the BTC price here.
Read more:
- Luxury Nightclub E11even Miami Will Soon Start Accepting Bitcoin, BCH, XRP And Dogecoin As A Form Of Payment
- Bitcoin Price Attained A Fresh Record Today, Breaking Through $63,991 And Then Managing To Retain Most Of Their Latest Gains