About 74% of respondents in Bank of America’s survey of fund managers said they see Bitcoin as a bubble, according to CNBC.
The opposite view is held by 16% of respondents, while 10% were unsure.
Fund managers also placed digital gold second in the list of assets with the most crowded trades, which usually signals a strong speculative element. The top spot, with a small margin, went to technology stocks — a little over 30% vs. 27%.
Nonetheless, 10% of professional investors believe that Bitcoin will outperform these equities in 2021.
The Bank of America survey involved 200 participants, managing assets worth $533 billion.
The day before, the price of the first cryptocurrency reached an all-time high at levels above $64,000. In 2021 the asset closed its best first quarter in eight years — the price rose 102% over the period.
Earlier, the ‘bond king’ Jeffrey Gundlach and the owner of the Dallas Mavericks Mark Cuban said Bitcoin had entered a bubble.
As previously reported in Nickel Digital’s crypto fund survey, 85% of institutional investors and asset managers who already hold cryptocurrencies plan to increase their allocations to digital currencies.