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The price of Bitcoin had fallen by 50%, from over $ 64,000 on April 14, 2021 to $ 31,700 on June 8.
Despite the recent Bitcoin price crash, majority fund managers believed crypto to be a bubble, according to the latest Bank of America Global Fund Manager survey. The June survey, which ran from June 4-10 and involved 224 fund managers with more than $ 667 billion in assets under management, said 81% of investors still think Bitcoin is a bubble. despite the decline in prices. This is up from 74 percent in the April survey and 75 percent in May. About 9% disagreed with the notion of a Bitcoin bubble in June, up from 16% in April.
However, the collective skepticism was not shared by everyone. Jason Deane, analyst at Quantum Economics, told Decrypt that the survey shows that a lack of understanding of the problems that Bitcoin solves is still prevalent in some sectors – it is still seen as another asset to be traded by some in this regard. moment. The conclusion of the investigation came amid a 50% drop in the price of Bitcoin from over $ 64,000 on April 14, 2021 to $ 31,700 on June 8 before falling back to over $ 41,000 on Tuesday. , according to CoinMarketCap.
Also Read: Largest Public Bitcoin Holder Gets $ 500 Million To Buy More BTC; now looking to sell $ 1 billion in stocks to buy more
On the other hand, Bitcoin has continued to attract a growing number of companies and institutional investors to support it. MicroStrategy followed Tesla, Galaxy Digital Holdings, Voyager Digital, Square, etc., were among the first public companies with the most Bitcoin in the world, according to data from BitcoinTreasuries.org. In fact, MicroStrategy is now looking to sell up to $ 1 billion of common stock to buy more Bitcoin after closing a $ 500 million bond sale to buy Bitcoin on Monday. Additionally, Teslas Elon Musk tweeted on Sunday that the company would start accepting Bitcoins after confirming there would be reasonable use of clean energy by miners.
In terms of transactions that fund managers consider the most exaggerated, commodities have replaced May’s leader, Bitcoin. Long commodities lead the way with 26% of FMS (Fund Manager Survey) investors saying it is the most “crowded” transaction. Bitcoin had risen to number one in May after the April survey noted that a long position in Bitcoin was seen as the second most crowded trade by 27% of respondents after tech stocks.
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