According to a Bank of America poll, 81% of fund managers called bitcoin a “bubble”. More than 224 firms with over $ 650 billion in assets took part in the survey.
According to a survey conducted by the American Bank of America, long positions in commodities (oil, gold, silver and timber) are currently the most popular type of transactions in the financial market. Investors believe that precious metals are the most effective defense against inflation, which has been causing them concerns of late. In second place are long positions on bitcoin.
Recall that a few months ago, Bank of America conducted a similar survey, but then only 74% of respondents expressed distrust in bitcoin. Now the number of professional investors who have expressed skepticism about the first cryptocurrency has increased significantly. Perhaps this is due to the tightening of Chinese regulators for mining and cryptoassets, as well as the fall of the cryptocurrency market in May. Bitcoin dropped to $ 30,000 last month, but it is up 20% over the past week and is now trading at around $ 41,000.
However, according to Jason Deane, an analyst at Quantum Economics, such a recent study suggests that asset managers do not understand the problems Bitcoin is solving and do not realize its potential. Many consider it to be another asset that can be simply traded. In the future, Bitcoin can be expected to appreciate significantly, Dean added.
It is worth noting that not all institutional investors remain skeptical about Bitcoin. MicroStrategy CEO Michael Saylor recently said that despite the massive drop in the cryptocurrency market, he has not sold “a single Satoshi.”
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