Nearly 75% of professional investors see Bitcoin as bubble: Survey

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Financial institution of America launched a brand new survey that discovered that almost all {of professional} traders will not be very optimistic concerning the world’s largest cryptocurrency.

Practically 75% of respondents within the April Financial institution of America Fund Supervisor Survey mentioned that they see Bitcoin (BTC) as a “bubble,” CNBC reported.

The survey polled 200 respondents with $533 billion in property below administration. Simply 16% of respondents mentioned Bitcoin will not be a bubble, whereas 10% have been unsure.

Supply: Yahoo Finance/BofA World Fund Supervisor Survey

Greater than 30% of survey respondents cited tech as essentially the most crowded commerce — i.e., an asset with a historical past of speedy worth appreciation and a excessive variety of like-minded, speculative traders. Furthermore, 27% of respondents mentioned that Bitcoin is essentially the most crowded commerce proper now, whereas 10% predicted that BTC will outperform tech in 2021.

Financial institution of America previously released a survey displaying that “lengthy Bitcoin” flipped “lengthy tech” as essentially the most crowded commerce in January 2021.

The newest Financial institution of America survey exhibits important skepticism relating to Bitcoin after the bank’s analysts recently slammed the cryptocurrency as “exceptionally unstable,” “impractical” and an environmentally disastrous asset. 

Different main American banks are extra bullish on digital property. After Goldman Sachs revealed that 40% of its clients already had exposure to crypto as of March 2021, the funding financial institution introduced it was preparing a Bitcoin product. Additionally in March, JPMorgan announced its Cryptocurrency Exposure Basket, a debt instrument portfolio together with shares of corporations that maintain Bitcoin as a treasury asset.