Crypto News | 74% of Fund Managers See Bitcoin as a Bubble Only 10% of fund managers still believe that bitcoin will outperform in 2021
The most recent Bank of America Fund Manager Survey shows that about three out of four professional investors think that bitcoin is a bubble. The fund managers also rated bitcoin second on the list of the most crowded trades. Recently, investment bank JPMorgan also warned that cryptocurrency as a sector is 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 shows that the majority of fund managers see bitcoin as a bubble. The survey asks 200 fund managers with $533 billion in assets under management.
Answering the question of whether bitcoin is a bubble, 74% of investors replied “yes.” Just 16% said “no” to the question and 10% said they either did not know or did not want to answer the question. In comparison, only 7% of investors think that the U.S. equity market is in a bubble. Most respondents think that the equity market is in “a late-stage bull market.”
The fund managers who responded to the survey also rated bitcoin second on the list of the most crowded trades, with 27% said BTC was the most crowded trade. Technology stocks rank first with just over three in 10 respondents citing tech as the most crowded trade.
Nonetheless, about 10% of fund managers still believe that bitcoin will outperform in 2021.
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