Bank of America Survey: Bitcoin is a bubble, according to 81 percent of fund managers and inflation is only transitory.
Bitcoin has recovered more than 10% to trade at $38,783 as of this report, after falling to $35,517 on June 12, but 81 percent of fund managers polled by Bank of America (NYSE:BAC) believe Bitcoin is in a bubble.
Bank of America's June survey, which includes 224 managers managing over $667 billion in assets, "81 percent of investors still believe Bitcoin is a bubble, despite the price pullback."
The percentage of respondents who believe in the Bitcoin bubble has risen from 74% in April to 75% in May.
The survey, which was conducted during the first ten days of June, follows a May crash in which Bitcoin fell more than 50% from its high of $64,000 on April 14, 2021. With commodities displacing Bitcoin as the most crowded trade, interest in Bitcoin is dwindling.
However, Bitcoin HODLers have received a boost from Elon Musk, who stated that Tesla Inc (NASDAQ:TSLA) will begin accepting payments once miners confirm that they will begin mining the cryptocurrency using green energy sources.
MicroStrategy Incorporated (NASDAQ:MSTR), another Bitcoin bull, recently stated that it intends to sell $1 billion in stock in order to purchase more Bitcoins.
Bank of America’s June Fund Manager Survey
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