One-Quarter of Fund Managers Expect Bitcoin’s Price to Hit $75K in 12 Months

November 17, 2021

One-Quarter of Fund Managers Expect Bitcoin’s Price

One-quarter of surveyed global fund managers expect the cost of bitcoin to outperform $75,000 in a year, as per a Bank of America survey of global fund managers. The survey incorporates 345 fund managers from around the world, whose all-out funds under management are more than $1 trillion.

Bitcoin Beat Gold & Oil as a Best Asset Class

Bitcoin additionally marginally beat oil and gold for best resource class in 2022, 12% of respondents named the world’s biggest digital money, contrasted and 10% for oil and gold. Developing business sectors stocks bested that rundown at 34% of respondents, trailed by S&P 500 at 30%.

A quarter of fund managers expect the cost of bitcoin to be more than $75,000 in one year, contrasted and 20% who figure it will remain somewhat level, somewhere in the range of $50,000 and $75,000, and 19% who figure it will tumble to $25,000 to $50,000.
Long situations on bitcoin are more crowded than those on environmental, social, and governance (ESG), the survey found. Long bitcoin was named the most crowded exchange in May and January.

10% of Fund Managers Called Bitcoin as Most Crowded Exchange

The top response for the most crowded exchange was long tech, with 37% of respondents, trailed by long bitcoin, at 21%, and long ESG, with 14% of the aggregate. Short US Treasuries likewise rose to 13% from around 10% last month.

In October, just around 10% of fund managers named bitcoin as the most crowded exchange, when it was outperformed by long ESG exchanges, at around 17% of respondents, and short situations on China and developing business sectors stocks, roughly 15%.

In November, 59% of fund managers said bitcoin is a bubble. Back in May, 75% of respondents said bitcoin is in a bubble zone, the Business Standard revealed.

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