+ 7.05
+ 2.21%
+ 4.00
+ 1.18%
+ 6.32
+ 1.54%
+ 1.27
+ 0.94%
+ 1.54
+ 0.9%

Bitcoin Is A Bubble, 74% Of Bank of America's Professional Investors Believe

April 13, 2021 5:05 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Bitcoin Is A Bubble, 74% Of Bank of America's Professional Investors Believe

Nearly three out of four professional investors still believe that Bitcoin (CRYPTO: BTC) is a bubble.

According to a CNBC report, the latest Bank of America Fund Manager Survey revealed that 74% of institutional investors believe that Bitcoin is abubble, while only 16% was of the opposite idea.


Fund managers also rated Bitcoin as a really crowded trade, second only to technology stocks. Only about 10% of the investors believe that Bitcoin will outperform this year.

See also: How to Buy Bitcoin (BTC)

Bank of America Corp (NYSE: BAC) asked 200 fund managers with $533 billion worth of assets under management.

As CNBC points out, Bitcoin’s price is up nearly nine-fold over the past year.

Last month the bank published a research titled “Bitcoin’s Dirty Little Secrets,” where it called Bitcoin’s volatility "impractical" as a store of value or a payments mechanism. It stated that there's “no good reason to own Bitcoin unless you see prices going up."

Earlier today, the leading cryptocurrency also reached a new all-time high price of over $63,000 for the first time ever, and it was traded at $63,194 at press time.

Related Stories

Bank Of America Calls Bitcoin 'Impractical,' And Crypto Community Has A Lot To Say About That

Related Articles

A Cryptocurrency Is Skyrocketing In Defiance Of Bitcoin-Led Selloff, Outperforming Dogecoin, Cardano

Bitcoin (BTC) and Ethereum (ETH) traded in the red at press time on Sunday night amid uncertainty whether Tesla Inc (NASDAQ: TSLA) Elon Musk hinted at dumping the automaker’s cryptocurrency hol read more

This Week In Crypto: Musk's Environmental Move, DOGE Millionaires, Market Bloodbath

It could have been just another crazy week in crypto. But then Musk decided to drop the “BTC is bad for the environment” bomb, and it became an even crazier week.  Let’s recap on what happened and what you should take into consideration for the next one. read more

Elon Musk Hints At Possible Dumping Of Tesla's Bitcoin Holdings

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk appears to have signaled that the electric vehicle maker could soon dump all its holdings of Bitcoin (CRYPTO: BTC). read more

Here's How You Can Get Shiba Inu For Free

Shiba Inu (CRYPTO: SHIB) — the token that recently saw three-digit gains in single days — will be distributed among the users of crypto financial services firm Crypto. read more