Many Professional Investors are not very optimistic about the world’s largest cryptocurrency, according to a new survey released by the Bank of America.
On the April BOFA fund Manager Survey, it was deciphered that about 75% of the respondents see Bitcon as a Bubble.
The survey is made up of those that have about $533 billion assets under management and is about two hundred respondents. Ten percent of the respondents were uncertain, while sixteen percent of the respondents said Bitcoin is not bubble.
An asset with history of rapid appreciation and high number of like-minded speculative investors was more than 30% of survey respondents cited tech as and also as the most crowded tech. Also, 27% of respondents said that Bitcoin is the most crowded trade right now, while 10% predicted that BTC will outperform tech in 2021.
BofA previously released a survey showing that “long Bitcoin” flipped “long tech” as the most crowded trade in January 2021.
The latest BofA survey shows significant skepticism regarding Bitcoin after the bank’s analysts recently slammed the cryptocurrency as “exceptionally volatile”, “impractical” and an environmentally disastrous asset.