Financial institution of America launched a brand new survey that discovered that almost all {of professional} traders are usually not very optimis
Financial institution of America launched a brand new survey that discovered that almost all {of professional} traders are usually not very optimistic in regards to the world’s largest cryptocurrency.
Practically 75% of respondents within the April BofA Fund Supervisor Survey stated that they see Bitcoin as a “bubble,” CNBC reported.
The survey polled 200 respondents with $533 billion in belongings underneath administration. Simply 16% of respondents stated Bitcoin just isn’t a bubble, whereas 10% had been unsure.
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. 27% of respondents stated that Bitcoin is essentially the most crowded commerce proper now, whereas 10% predicted that BTC will outperform tech in 2021.
BofA beforehand launched a survey exhibiting that “lengthy Bitcoin” flipped “lengthy tech” as essentially the most crowded commerce in January 2021.
The newest BofA survey exhibits vital skepticism relating to Bitcoin after the financial institution’s analysts lately slammed the cryptocurrency as “exceptionally risky”, “impractical” and an environmentally disastrous asset.
Different main American banks are extra bullish on digital belongings. After Goldman Sachs revealed that 40% of its purchasers already had publicity to crypto as of March 2021, the funding financial institution introduced it was making ready a Bitcoin product. Additionally in March, JPMorgan introduced its Cryptocurrency Publicity Basket, a debt instrument portfolio together with shares of corporations that maintain Bitcoin as a treasury asset.