80% of Fund Managers Say Bitcoin Is in a Bubble
 
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PostPosted: Thu Jun 17, 2021 11:19 am    Post subject: 80% of Fund Managers Say Bitcoin Is in a Bubble Reply with quote
The sudden blistering and collapsing of Bitcoin is hard to resist.
A recent Bank of America Global Fund Manager survey found that around 81% of fund managers believe Bitcoin is in a bubble. Although the price dropped 35% in May. Surveys conducted June 4-10 were up 6% from last month's survey data. This indicates that sentiment on Wall Street has dropped considerably and has become more bearish. Despite some financial institutions showing interest in Bitcoin, one of them is Wells Fargo. A survey by Bank of America found that 72% of fund managers surveyed think the recent rise in inflation has led to an increase in inflation. This is only a temporary condition. This opinion may be the reason why it has influenced the movement of Bitcoin because it is often seen as a hedge against inflation. In the past, this was caused by concerns about rising inflation. So the Bank of America survey may be an indicator that those concerns have been mitigated somewhat. This means that demand for Bitcoin is also declining. The survey also found that fund managers no longer view betting on Bitcoin in the bull market as an investment that people flock to on Wall Street. The most crowded and profitable long position replaces Bitcoin, which took the top spot in recent monthly surveys. This has been a long position in the past, while Bitcoin's price remains relatively sluggish after the May plunge. Prices of commodities such as oil and iron ore have risen
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