Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

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Most international fund managers anticipate the worth of bitcoin to surpass $75,000 in 12 months, in line with a Bank of America survey of world fund managers seen by CoinDesk.

  • 1 / 4 of fund managers anticipate the worth of bitcoin to be over $75,000 in one 12 months, in contrast with 20% who suppose it should stay comparatively flat, between $50,000 and $75,000, and 19% who suppose it should fall to $25,000 to $50,000.
  • Long positions on bitcoin are extra crowded than these on environmental, social, and governance (ESG), the survey discovered. Long bitcoin was named essentially the most crowded commerce in May and January.
  • The prime reply for “most crowded” commerce was lengthy tech, with 37% of respondents, adopted by lengthy bitcoin, at 21%, and lengthy ESG, with 14% of the overall. Short US Treasuries additionally rose to 13% from about 10% final month.
  • In October, solely round 10% of fund managers named bitcoin because the “most crowded” commerce, when it was surpassed by lengthy ESG trades, at about 17% of respondents, and brief positions on China and rising markets shares, roughly 15%.
  • In November, 59% of fund managers mentioned bitcoin is a bubble. Back in May, 75% of respondents mentioned bitcoin is in a bubble zone, the Business Standard reported.
  • Bitcoin additionally barely outperformed oil and gold for finest asset class in 2022; 12% of respondents named the world’s largest cryptocurrency, in contrast with 10% for oil and gold. Emerging markets shares topped that checklist at 34% of respondents, adopted by S&P 500 at 30%.
  • The survey contains 345 fund managers from around the globe, whose whole funds below administration are over $1 trillion.

Read extra: Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite (*12*)