Most 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 US Treasuries 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, 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.
Read more: Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks
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