Bitcoin is a Bubble Says 74% Bank of America Survey Respondents

Bitcoin is a Bubble Says 74% Bank of America Survey Respondents

The Bank of America conducted a survey of more than 2,000 adult Americans and found that over 2,000 of them believe that Bitcoin is a bubble. By that, it means that 74% of the participants of the survey believe that Bitcoin is “a highly speculative investment, which has the potential to experience dramatic and unpredictable price fluctuations.”

While the average age of the survey respondents polled was 36 years old, they were not the typical clientele of a high-end investment bank. The survey, conducted by Bank of America Merrill Lynch, was part of an ongoing annual study that surveyed 571 investors from a wide breadth of investment portfolios. The results were published last week, and they contradict the conventional wisdom that remains entrenched in the minds of many financial markets experts.

Bitcoin and other cryptocurrencies are seeing a lot of mainstream attention lately, and now one of the world’s largest banks has weighed in on their popularity. Bank of America conducted a survey that showed that 74% of its respondents trust the value of Bitcoin to make money for them, and 64% are interested in investing in the cryptocurrency. At this point, it’s tough to argue with such a high percentage of people who are bullish on bitcoin’s future.. Read more about bank of america cryptocurrency policy and let us know what you think.

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Bitcoin is a Bubble Says 74% Bank of America Survey Respondents News about Bitcoin

  • According to 74% of poll respondents, bitcoin is a bubble.
  • There are 200 responders with a combined AUM of more than $500 billion.
  • Bitcoin has increased by 9 times in the last year.

According to a recent Bank of America study, 74% of experienced investors believe Bitcoin is a bubble. This demonstrates that investors are pessimistic about Bitcoin, the crypto king. 

Bitcoin is a Bubble Says 74% Bank of America Survey RespondentsBTC is considered a bubble by 74% of investors. (Image courtesy of Yahoo Finance)

There are 200 respondents in the poll, each having over $500 billion in assets under management (AUM). Only 16% of those polled believe Bitcoin is not a bubble. Don’t know or not applicable received 10% of the vote.

Furthermore, according to a study published by BofA, in January 2021, ‘long Bitcoin’ surpassed ‘long tech’ as the most crowded investment.

Over 30% of respondents consider technology to be the most congested industry. While Bitcoin is presently the crowd trade, according to 27% of respondents. In 2021, 10% of this BTC will outperform space technology.

Furthermore, the price of Bitcoin has increased by 9 times in the last year. Many major companies, such as Tesla, have made significant investments in Bitcoin and have begun to accept it as a method of payment.

Overall, the choice to include cryptocurrencies in a user’s portfolio is solely up to the investors. Regardless of how many investors perceive the price, it indicates a bubble. 

At the time of writing, the BTC price was $62,615 with a 24-hour trading volume of $72,043,051,477, according to CoinGecko.

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A recent survey conducted by Bank of America has found that 74% of respondents feel the price of Bitcoin is a bubble. The survey itself used a sample size of 10,000 respondents. Of those surveyed, 74% of them said that they expect the price of Bitcoin to dip below $10,000 at some point in the near future. The survey also found that the vast majority of respondents (58%) are positive about Bitcoin’s future, but only 4% of those surveyed were positive about the price of Bitcoin in the coming months.. Read more about crypto bubble meaning and let us know what you think.

I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer."}},{"@type":"Question","name":"Who thinks bitcoin is a bubble?","acceptedAnswer":{"@type":"Answer","text":"

I dont think bitcoin is a bubble."}}]}

Frequently Asked Questions

What does it mean when bitcoin is in a bubble?

A bubble is a type of economic mania where asset prices are inflated beyond the level that can be justified by the fundamentals of the assets.

Is bitcoin in a bubble 2021?

I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.

Who thinks bitcoin is a bubble?

I dont think bitcoin is a bubble.

This article broadly covered the following related topics:

  • bank of america cryptocurrency policy
  • bank of america cryptocurrency 2021
  • bitcoin bubble 2021
  • the crypto bubble and inflation
  • crypto bubble meaning
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