Bitcoin is a big bubble, the Central Bank of America surveyed in April said
While many crypto enthusiasts may argue that has been proven it’s not a bubble, many fund managers feel otherwise.
According to a survey conducted by the Central Bank of the United States (NYSE 🙂 in April, 74% of fund managers feel that Bitcoin is a bubble.
Bitcoin? Definitely a bubble … #FMS pic.twitter.com/uOgpZMCnOj
– durk veenstra (@durkveenstra) April 13, 2021
Surprisingly, only 16 percent of respondents have contradictory views, while the other 10 percent are sitting on the fence. On the other hand, about 7% of fund managers surveyed believe that the US stock market is also in a bubble, despite interesting numbers from the S&P 500.
The details of the survey are still sketchy. However, the Bank of America is not particularly supportive of Bitcoin. In a recent report revealing how much it takes for Bitcoin’s price to move 1% more, bank analysts called Bitcoin an “impractical” means of payment.
The bank has also released other top cryptocurrency bug reports, downgrading it as a mere tool for speculation. Back in January, Bank of America chief investment strategist Michael Hartnett called Bitcoin the “mother of all bubbles” after the flagship coin first crossed the $ 40,000 mark.
But despite the fear, Bitcoin continued to grow stronger. Today, the digital asset set a new all-time high above $ 63,000.
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