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BTC $38948.51 (2.72%)
ETH $2689.66 (8.18%)
USDT $1.00 (0.00%)
BCH $535.58 (0.93%)
BSV $138.01 (1.74%)
LTC $139.75 (1.84%)
BNB $330.78 (2.64%)
ADA $1.37 (2.62%)
DOGE $0.19 (1.23%)

Bitcoin Still in Bubble State, Fund Manager Says

Bitcoin Still in Bubble State, Fund Manager Says
  • The Bank of America (BofA) has officially released its June Global Fund Manager Survey
  • 81% of fund managers believe that Bitcoin is still in a bubble state

The Bank of America (BofA) has officially released its June Global Fund Manager Survey this week. Specifically, this June 4-10 survey covers many financial issues, including the market position of Bitcoin. As a result, 81% of fund managers continue to believe that Bitcoin is still in a bubble state.

Fund managers added that investors view commodities as the most crowded trade compared to Bitcoin. “Long commodities” is now the most crowded trade, overtaking “long bitcoin” which is now the second most crowded trade. The third most crowded trade is “long tech stock,” followed by “long ESG,” “short U.S. Treasuries,” and “long euro,” they said.

However, despite the result of the survey, many financial institutions and investors continue to believe in Bitcoin. For instance, MicroStrategy continues to believe in the power of Bitcoin by adding more Bitcoins into its holdings. For this reason, the total Bitcoin holdings of MicroStrategy amounts to over 92,079 BTC bought for a total of $2.251 billion.

Furthermore, Tesla, the giant automobile manufacturer headed by its CEO Elon Musk plans to reopen its doors to Bitcoin payment options. Also, Elon is currently working on making Bitcoin mining more environmentally friendly.

With all this support from the biggest names on the planet, we can say that Bitcoin is in a solid-state. Today, Bitcoin trades at a decent price of over $39k with a growth rate of over 4.7% in the past 7 days.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.