One Fourth of Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

One Fourth of Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

One-quarter of surveyed world fund managers anticipate the value of bitcoin to surpass $75,000 in 12 months, in line with a Bank of America survey of world fund managers seen by CoinDesk.

  • 1 / 4 of fund managers anticipate the value of bitcoin to be over $75,000 in one yr, in contrast with 20% who assume it should stay comparatively flat, between $50,000 and $75,000, and 19% who assume it should fall to $25,000 to $50,000.
  • Long positions on bitcoin are extra crowded than these on environmental, social, and governance (ESG), the survey discovered. Long bitcoin was named essentially the most crowded commerce in May and January.
  • The high 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 entire. Short 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. Back in May, 75% of respondents stated bitcoin is in a bubble zone, the Business Standard 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. (*12*) markets shares topped that record at 34% of respondents, adopted by S&P 500 at 30%.
  • The survey consists of 345 fund managers from around the globe, whose whole funds below administration are over $1 trillion.

Read extra: Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks

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