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.
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