Bitcoin is a giant bubble, Financial institution of America’s April survey saysWhereas many crypto fanatics might argue that has confirmed past affordable doubt that it’s not a bubble, many fund managers really feel in any other case.
Based on a survey performed by the Financial institution of America (NYSE:) in April, 74% of fund managers really feel that Bitcoin is a bubble.
Bitcoin? Definately a bubble… #FMS pic.twitter.com/uOgpZMCnOj
— durk veenstra (@durkveenstra) April 13, 2021
Surprisingly, solely 16 % of the respondents share a opposite, whereas the remaining 10 % are sitting on the fence. On the flip facet, about seven % of the surveyed fund managers imagine that the U.S. equities market can be in a bubble, regardless of attention-grabbing numbers from the S&P 500.
Particulars of the survey are nonetheless sketchy. Nonetheless, the Financial institution of America has not been notably pro-Bitcoin. In a latest report revealing how a lot it takes to maneuver the value of Bitcoin by 1%, the financial institution’s analysts dubbed Bitcoin an “impractical” technique of cost.
The Financial institution has additionally launched different studies that fault the main cryptocurrency, demoting it to a mere software for hypothesis. Again in January, Michael Hartnett, Financial institution of America’s chief funding strategist known as Bitcoin “the mom of all bubbles” after the flagship forex eclipsed $40,000 for the primary time.
However regardless of the fearmongering, Bitcoin has continued to wax stronger. In the present day, the digital asset set a brand new all-time excessive at above $63,000.
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