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.
- Bitcoin mining council was launched and Elon Musk is out of it
- Iran president said that he wants to legalize cryptocurrencies “as soon as possible”
- “We will all die if Bitcoin is adopted,” says economist on Chinese state TV
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.”