While many crypto enthusiasts may argue that Bitcoin has proven beyond reasonable doubt that it is not a bubble, many fund managers feel otherwise.
According to a survey conducted by the Bank of America (NYSE:BAC) in April, 74% of fund managers feel that Bitcoin is a bubble.
Bitcoin? Definately a bubble... #FMS pic.twitter.com/uOgpZMCnOj— durk veenstra (@durkveenstra) April 13, 2021
Surprisingly, only 16 percent of the respondents share a contrary, while the remaining 10 percent are sitting on the fence. On the flip side, about seven percent of the surveyed fund managers believe that the U.S. equities market is also in a bubble, despite interesting numbers from the S&P 500.
Details of the survey are still sketchy. However, the Bank of America has not been particularly pro-Bitcoin. In a recent report revealing how much it takes to move the price of Bitcoin by 1%, the bank’s analysts dubbed Bitcoin an “impractical” means of payment.
The Bank has also released other reports that fault the leading cryptocurrency, demoting it to a mere tool for speculation. Back in January, Michael Hartnett, Bank of America’s chief investment strategist called Bitcoin “the mother of all bubbles” after the flagship currency eclipsed $40,000 for the first time.
But despite the fearmongering, Bitcoin has continued to wax stronger. Today, the digital asset set a new all-time high at above $63,000.