Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

Most global fund managers expect the price of bitcoin to exceed $ 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 exceed $ 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 remain flat. will drop 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 busiest trade in May and January.
• The highest response for “most crowded” business was long technology, with 37% of respondents, followed by long bitcoin, at 21%, and long ESG, with 14% of the total. Short U.S. Treasuries also rose to 13% from about 10% last month.
• In October, only about 10% of fund managers named bitcoin as the “most crowded” business, when it was overtaken by long ESG trades, at about 17% of respondents, and short positions on China and emerging market stocks, about 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 surpassed oil and gold for best value class in 2022; 12% of respondents called the world’s largest cryptocurrency, compared to 10% for oil and gold. Shares of emerging markets 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 managed are more than $ 1 billion.

Read more: Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Withdrawals

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