According to new research from Bank of America, the vast majority of professional investors do not have very positive opinions about the largest cryptocurrency.
According to CNBC’s report, almost 75 percent of those who took part in the bank’s April Fund Managers Survey view Bitcoin as a “bubble”.
200 participants participated in the study, with a total value of $ 553 billion of assets under management. Only 16 percent of respondents said they did not see Bitcoin as a bubble, while 10 percent said they were unstable.
More than 30 percent of research respondents said that the most crowded asset, with its price rising rapidly and with a large number of investors, is the shares of technology companies. 27 percent of respondents say Bitcoin is currently the most populous asset. About 10 percent of respondents think that Bitcoin’s performance will surpass technology companies in 2021.
Bank of America has had a suspicious attitude towards Bitcoin for a while. The bank’s analysts recently criticized crypto as a “highly volatile, useless and environmentally damaging entity.”