The oldest crypto critique is just not going away! With price of Bitcoin soaring and major public offerings hitting the market, most everyone is dazzled by the new wealth that is being minted.
After all, these are extraordinary times.
Professional investors, however, have seen times like these before.
And according to a new survey, nearly 3 in 4 of them see Bitcoin as a bubble. Like any financial asset, people can and will argue over what the correct value of any one thing is at a given moment in time, and many a folks with a bone in the business have shared their thoughts in this new survey.
Bank of America conducted its latest survey of global fund managers. There were 200 respondents, with more than $533 billion in asset management, and most of them had an opinion on the world’s most popular cryptocurrency that scaled a new all-time high today.
Some 74% in the firm’s April survey said that the digital coin is a bubble, while only 16% said that Bitcoin is not one. The remaining 10% sat the question out.
Fund managers also rated Bitcoin second on the list of most crowded trades, trailing technology stocks. The cryptocurrency ranked well ahead of the trend towards environmental, social, and corporate governance, cyclical stocks and against US Treasury.
Still, about 10% said that they think Bitcoin will outperform in 2021.
These findings arrive just as traders are bidding up the price of Bitcoin. It’s up nearly ninefold over the past year, amid both a speculative frenzy, and more widespread acceptance.
The jury may still be out on whether Bitcoin is a bubble or not.
But we’re living it!
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