One-quarter of surveyed world fund managers count on the worth of bitcoin to surpass $75,000 in 12 months, in accordance with a Financial institution of America survey of world fund managers seen by CoinDesk.
- 1 / 4 of fund managers count on the worth of bitcoin to be over $75,000 in a single 12 months, in contrast with 20% who assume it can stay comparatively flat, between $50,000 and $75,000, and 19% who assume it can fall to $25,000 to $50,000.
- Lengthy positions on bitcoin are extra crowded than these on environmental, social, and governance (ESG), the survey discovered. Lengthy bitcoin was named essentially the most crowded commerce in Could and January.
- The highest reply for “most crowded” commerce was lengthy tech, with 37% of respondents, adopted by lengthy bitcoin, at 21%, and lengthy ESG, with 14% of the whole. Quick US Treasuries additionally rose to 13% from about 10% final month.
- In October, solely round 10% of fund managers named bitcoin because the “most crowded” commerce, when it was surpassed by lengthy ESG trades, at about 17% of respondents, and quick positions on China and rising markets shares, roughly 15%.
- In November, 59% of fund managers stated bitcoin is a bubble. Again in Could, 75% of respondents stated bitcoin is in a bubble zone, the Enterprise Commonplace reported.
- Bitcoin additionally barely outperformed oil and gold for greatest asset class in 2022; 12% of respondents named the world’s largest cryptocurrency, in contrast with 10% for oil and gold. Rising markets shares topped that listing at 34% of respondents, adopted by S&P 500 at 30%.
- The survey contains 345 fund managers from around the globe, whose complete funds below administration are over $1 trillion.
Learn extra: Market Wrap: Analysts See Bitcoin as Nonetheless in ‘Bullish Part,’ Regardless of Pullbacks