More than four in five (81%) fund managers believe that Bitcoin is in a bubble, according to a recent survey published by Bank of America.

According to Bank of America Survey, 81% of fund managers still think Bitcoin is a bubble

In addition, the survey found out that purchased commodities are now the “most congested trade,” with purchased bitcoin coming in second. Commodities are raw products such as oil, gold, silver and lumber. Precious metals are considered an effective protection against inflation, which has become a growing fear of late.

The bank surveyed a total of 224 fund managers with more than $650 billion in assets under management.

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However, not everyone is convinced of the collective skepticism demonstrated.

“This research demonstrates that the lack of understanding of what issues Bitcoin solves is still prevalent in certain industries – it’s still seen as just another asset to be traded by some at the moment,” said Jason Deane, an analyst at Quantum Economics

He added that “the fundamentals support the position that Bitcoin is ready for significant price appreciation in the future.”