But this is what Bank of America’s recent survey of global fund managers found most of the respondents believe about bitcoin.
Among the poll’s 200 participants with more than $500 billion in managed assets, around 74% said the cryptocurrency is a bubble. With only 16% saying bitcoin is not a bubble and just 10% avoided the question.
On Wednesday, bitcoin traded at a record high over $64,000. Since the beginning of 2021, its value has more than doubled.
Later that same day, Coinbase (COIN) debuted its IPO in a direct listing. This was a huge event for the crypto world that should ease any doubts about crypto being here to stay or not.
Like any asset, investors can and will debate the “correct” value. And a particular reading of BofA’s survey would seem to suggest that: 74% of respondents believe the price of bitcoin is currently too high.
Banks such as JPMorgan and Goldman Sachs to financial giants like PayPal, Visa, and Square, have all deepened their push into cryptocurrencies. Coinbase joining the space of publicly-traded companies only further augments the industry’s crypto connection.
And while investing into crypto is a choice for them alone, this asset class keeps growing in importance. Regardless of how many top investors believe the price is a bubble.