Bitcoin, US tech stocks seen as biggest market bubbles

20 Janvier, 2021, 14:21 | Auteur: Auguste Feret
  • Bitcoin overtakes tech as most crowded trade, says Bank of America survey

In a similar survey by Deutsche Bank, investors said bitcoin was in a bubble, with 56% of the participants saying the cryptocurrency was more likely to halve in value in the next 12 months. In that regard, about 89% of those surveyed believe U.S. technology stocks and Bitcoin are in a bubble, with the crypto closing in on "extreme bubble" territory.

More generally, too, when asked specifically about the 12-month fate of bitcoin - which surged 300% previous year - and electric vehicle maker Tesla which soared almost 750% and is seen as emblematic of highly priced tech stocks, a majority of respondents said they were now more likely to halve than double in value.

However, according to the Deutsche Bank survey, 71% of respondents do not believe that the Federal Reserve will go back on its stimulus plans before year-end.

For the first time since October, a long position on technology companies was knocked off the top spot, as investors said that long bitcoin was the most crowded trade.

The cryptocoin hit a record high $40,000 earlier this month, having rallied more than 900% since a low in March and having only just breached $20,000 in mid-December.

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A recent survey conducted by the Bank of America on fund managers with over $500 billion in AUM reveals that investors are bullish on Bitcoin's price in the long term.

The major tail dangers to the financial state have been considered to be challenges with the vaccine rollout (30%), the Fed easing its...

Still, although fund managers are wary of the bubbles, they were not yet backing away from them.

Traders seeking clues about investor appetite for risk have been gripped by Bitcoin's stunning rally and turbulent 10% slide from a record of nearly $42,000 on January 8.

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