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One-Fourth of Fund Managers Expect Bitcoin Price Over $75K in 12 Months: BofA Survey
Long bitcoin trades more crowded than long ESG, the survey said.
Updated May 11, 2023, 6:02 p.m. Published Nov 17, 2021, 2:42 a.m.
One-quarter of surveyed global fund managers expect the price of bitcoin to surpass $75,000 in 12 months, according to a Bank of America survey of global fund managers seen by CoinDesk.
- A quarter of fund managers expect the price of bitcoin to be over $75,000 in one year, compared with 20% who think it will remain relatively flat, between $50,000 and $75,000, and 19% who think it will fall to $25,000 to $50,000.
- Long positions on bitcoin are more crowded than those on environmental, social and governance (ESG), the survey found. Long bitcoin was named the most crowded trade in May and January.
- The top answer for “most crowded” trade was long tech with 37% of respondents, followed by long bitcoin at 21%, and long ESG with 14% of the total. Short U.S. Treasurys also rose to 13% from about 10% last month.
- In October, only around 10% of fund managers named bitcoin as the “most crowded” trade when it was surpassed by long ESG trades, at about 17% of respondents, and short positions on China and emerging markets stocks, approximately 15%.
- In November, 59% of fund managers said bitcoin is a bubble. Back in May, 75% of respondents said bitcoin is in a bubble zone, the Business Standard reported.
- Bitcoin also slightly outperformed oil and gold for best asset class in 2022; 12% of respondents named the world’s largest cryptocurrency by market value, compared with 10% for oil and gold. Emerging markets stocks topped that list at 34% of respondents, followed by S&P 500 at 30%.
- The survey includes 345 fund managers from around the world, whose total funds under management are over $1 trillion.
Read more: Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks
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