Long Beach (CoinChapter): Bank of America’s latest Global Fund Manager Survey provides an interesting look into how investors view Bitcoin. The survey includes 200 panelists with $533 billion in assets under management.
The results revealed that just 10% believe Bitcoin will outperform in 2021. Meanwhile, 74% said they believe the world’s largest cryptocurrency is a bubble. Also, 16% said no to the question, which shows the highly speculative ground they see bitcoin on. Just 7% said that stocks are in a bubble.
The survey also showed that managers view Bitcoin as the second-most crowded trade. Tech stocks, at 31% was viewed as the most crowded, with the crypto not far behind at 27%. BTC came in well ahead of the trend toward environmental, social and corporate governance, or ESG.
This survey comes just as Bitcoin’s price continues to rise. It climbed to an all-time intraday high of $63,707 Tuesday as traders are bidding up its price. That came one day ahead of the initial public offering of cryptocurrency exchange, Coinbase.
Coinbase has 56 million verified users and reported $1.8 billion in revenue for the first quarter. Its valuation could run as high as $100 billion and last month, Bank of America estimated it to have a 40% share of the cryptocurrency exchange market.
The survey also showed that investor fears are shifting. The biggest worry now is a bond market tantrum if the Federal Reserve reduces its asset purchases early, followed by inflation. Coincidentally, many investors view Bitcoin as an inflation hedge, basically as a venue to store money as prices are rising.
Bitcoin’s price is up nine-fold over the past year amidst more widespread acceptance. Multiple banks have begun making provisions for customers interested in crypto. Meanwhile, multiple major companies have begun accepting BTC as payment, including Elon Musk’s Tesla which made that announcement earlier this year.
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