Bank of America surveyed 200 professional investors about Bitcoin, who manage $ 533 billion. The majority consider Bitcoin and other cryptocurrencies to be a regular bubble.
Almost all respondents closely follow the cryptocurrency market, while 74% of those surveyed said they see a bubble in Bitcoin. Only 16% of investors do not consider Bitcoin to be a bubble, and 10% found it difficult to answer.
At the same time, the cryptocurrency market, according to the respondents, is becoming more and more popular. 33% of respondents named technology stocks the most popular among traders, while 27% of respondents chose the cryptocurrency market. Roughly 10% of those surveyed believe that Bitcoin will perform better than tech stocks in 2021. However, many investors have called Bitcoin a very suitable asset for hedging fiat inflation. Especially during a bull market.
It is worth noting that Bank of America analysts have never been supporters of the first cryptocurrency. So, in mid-March, the bank released a report “Little Dirty Secrets of Bitcoin”, in which they described bitcoin quite negatively due to the high energy consumption during the extraction of cryptocurrency. They also stated that it is an extremely speculative asset.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
