Four out of five mutual fund managers believe that Bitcoin is still overvalued and there is an investment bubble around it. This is despite the fact that the most popular cryptocurrency has lost almost half of its value in recent months.
The research was conducted by Bank of America, which asked 224 investment fund managers around the world for their views on the fair value of Bitcoin. 81 percent of them said the Bitcoin market was still a bubble. This is six percentage points more than in the previous survey. According to Bank of America, this means that a bearish mood still prevails in the market.
The survey also found that 72 percent of managers think that the current high rate of inflation in the United States is only a temporary issue. This again indicates the prospects for Bitcoin. This is often perceived as protection against inflation. But if its rate is to decrease, then it would mean that investors will have no reason to buy Bitcoin at such a rate.
Respondents also indicated that they believe more in commodities whose price is rising, and this trend is likely to continue for the rest of the year.
