Bitcoin is a Bubble Says 74% Bank of America Survey Respondents

Bitcoin is a Bubble Says 74% Bank of America Survey Respondents
  • Bitcoin is a bubble, says 74% of survey respondents.
  • There are 200 respondents with over $500 billion in AUM.
  • Bitcoin has surged 9x over the previous year.

A new survey by Bank of America found that 74% of professional investors see Bitcoin as a bubble. This shows that the investors are not very optimistic about the crypto king Bitcoin

74% of Investors Thinks BTC as a Bubble
74% of Investors Thinks BTC as a Bubble (Source: Yahoo Finance)

In the survey, there are 200 respondents with over $500 billion in Asset Under Management (AUM). Only 16% of respondents voted that Bitcoin is not a bubble. And 10% voted for don’t know or not applicable.

Added to this, BofA has released a survey already indicating that ‘long Bitcoin’ flipped ‘long tech’ as the most crowded trade in January 2021.

Over 30% of respondents see tech as the most crowded trade. While 27% of respondents mention Bitcoin is the crowd trade currently. And 10% this BTC will outspace tech in 2021.

Moreover, the price of Bitcoin has surged 9x over the previous year. More so, many investment firms like Tesla made big investments purchasing Bitcoin and accepting it as the form of payment.

All in all, the cryptocurrencies part to be added on users portfolio depends only on the decision of the investors. However, no matter how many investors see the price suggests a bubble. 

According to CoinGecko, the BTC price is $62,615 with a 24-hour trading volume of $72,043,051,477, at the time of writing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.