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Bank of America’s latest survey of global fund managers shows “long bitcoin” is now the second most crowded business. Additionally, most fund managers believe bitcoin is in a bubble and agree with the Fed that inflation is transient.
Bank of America Fund Managers June Survey
Bank of America (BofA) released its June survey of global fund managers this week. The survey, conducted June 4-10, covers 224 fund managers with $ 667 billion under management.
Fund managers were asked about many issues of concern to investors, ranging from the direction of the economy and markets to the amount of cash held by portfolio managers and the transactions they consider to be the most. exaggerated.
“Long commodities” are now the most congested trade, overtaking “long bitcoin” which is now the second most congested trade. The third most crowded trade is “long tech stock”, followed by “long ESG”, “US Treasury shorts” and “long euro”.
Despite the decline in BTC prices, 81% of fund managers surveyed still believe bitcoin is in a bubble. This is a slight increase from May, when 75% of fund managers surveyed said bitcoin was in a bubble zone. Bank of America itself has also warned that the cryptocurrency is in a bubble. The bank’s chief investment strategist said in January that bitcoin was “the mother of all bubbles.”
Meanwhile, 72% of fund managers say inflation is transient, agreeing with what the Fed is saying. However, 23% believe inflation is permanent. Federal Reserve Chairman Jerome Powell has repeatedly used the word “transient” to describe the threat of inflation to the US economy. Still, a number of people have indicated they disagree with him, including notorious hedge fund manager Paul Tudor Jones and JPMorgan CEO Jamie Dimon.
What do you think of this survey of Bank of America fund managers? Let us know in the comments section below.
Tags in this story Bank of America, inflation bank of america, Bank of America Survey, bitcoin bubble, Fed, fund manager, inflation, transitory inflation, Long Bitcoin, most congested trade, transitory
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