Bitcoins have long been the darling of many cryptocurrencies, but some are seeing the bubble in bitcoins and its other digital competitors grow. A recent survey by Fundstrat Global Advisors found that 75 percent of respondents who have invested in cryptocurrency see bitcoin as a bubble. They also think that the market for virtual currencies will continue to grow. The sentiment is a marked change from last month, when 57 percent of the same group said they view the cryptocurrencies as a bubble.
On the back of the recent price surge and the growing interest in Bitcoin, hedge fund manager Michael Novogratz predicted the price of the digital currency may reach $10,000 in six to 10 months. Novogratz is a former principal and manager of Fortress Investment Group LLC and a former deputy chief investment officer of the private equity firm. He said he sees a positive future for the currency, predicting that it may be used to ‘buy a coffee’ in a couple of years. The rising interest in bitcoin has also led to a growing interest in the virtual currency among the traditional financial community. Nearly one-fourth of the participants in a survey believe that bitcoin is currently the largest bubble in the world today.
If you’ve been watching the cryptocurrency markets lately, you probably know that Bitcoin has been on a wild roller coaster ride for the past 12 months. But, you might wonder, what exactly is Bitcoin? Bitcoin is a virtual currency system created in 2009 by an anonymous programmer known by the pseudonym Satoshi Nakamoto. Bitcoin works by allowing people to store and exchange their value in a public ledger, though it is not controlled by a central authority.
According to a recent survey of fund managers at Bank of America, the most popular trade is long bitcoin. However, 75% of fund managers say cryptocurrencies are in the realm of a bubble.
Fund managers say long bitcoin is the most popular trade, but most see abubble
Bank of America’s (BoA) May survey of fund managers, released Tuesday, shows that the long position in bitcoin is currently the most popular. Last month, long bitcoin was the second most traded bitcoin, and long tech was the most popular transaction. From 7 to 13 years old. In May, Bank of America surveyed 216 fund managers with $625 billion in assets under management (AUM). According to the results, long positions in bitcoin are the most popular (43%) according to fund managers. The study notes that historically, being part of a crowd has been associated with high scores. It wasn’t the first time bitcoin topped the list of most-traded stocks in a Bank of America survey of money managers. This was the most active trade in January, before the price of BTC reached record highs. The cryptocurrency also topped the charts during its bull market in 2017. Other popular trades among fund managers are long technology, long ESG and short US Treasuries. The study also found that inflation was considered a major risk. On the other hand, 75% of the fund managers surveyed believe that bitcoin is in the realm of a bubble. This is a slight increase from the previous month, when 74% of fund managers said BTC was a bubble. Bank of America itself has also warned that cryptocurrencies are in a bubble. In January, the bank’s head of investment strategy said bitcoin was the mother of all bubbles. What do you think of this Bank of America survey? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons, Bank of America Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.It seems like everyone is talking about bitcoin these days. The cryptocurrency topped $10,000 per coin for the first time ever last month, before dropping back down to around $7,000. In the midst of the hype surrounding the digital currency, a new survey of fund managers and wealth advisors found that 75% of them believe bitcoin is in a bubble and won’t hold up over the long haul.. Read more about bitcoin price history and let us know what you think.
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