One-Fourth of Fund Managers Expect Bitcoin Price Over $75K in 12 Months: BofA Survey
Long bitcoin trades more crowded than long ESG, the survey said.
Nov 17, 2021 at 2:42 a.m. UTCUpdated May 11, 2023 at 6:02 p.m. UTC
:format(webp)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
One-quarter of surveyed global fund managers expect the price of bitcoin to surpass $75,000 in 12 months, according to a Bank of America survey of global fund managers seen by CoinDesk.
- A quarter of fund managers expect the price of bitcoin to be over $75,000 in one year, compared with 20% who think it will remain relatively flat, between $50,000 and $75,000, and 19% who think it will fall to $25,000 to $50,000.
- Long positions on bitcoin are more crowded than those on environmental, social and governance (ESG), the survey found. Long bitcoin was named the most crowded trade in May and January.
- The top answer for “most crowded” trade was long tech with 37% of respondents, followed by long bitcoin at 21%, and long ESG with 14% of the total. Short U.S. Treasurys also rose to 13% from about 10% last month.
- In October, only around 10% of fund managers named bitcoin as the “most crowded” trade when it was surpassed by long ESG trades, at about 17% of respondents, and short positions on China and emerging markets stocks, approximately 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 reported.
- Bitcoin also slightly outperformed oil and gold for best asset class in 2022; 12% of respondents named the world’s largest cryptocurrency by market value, compared with 10% for oil and gold. Emerging markets stocks topped that list at 34% of respondents, followed by S&P 500 at 30%.
- The survey includes 345 fund managers from around the world, whose total funds under management are over $1 trillion.
08:42
Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
01:10
Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
1:02:43
Why Financial Advisors Are So Excited About a Spot Bitcoin ETF
02:21
When Could Traders See the Arrival of a Spot Bitcoin ETF?
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/6c6de681-6eb3-45a9-bfe0-c357743b23f9.png)
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)
Will Canny is CoinDesk's finance reporter.