The cryptocurrency market is still in its infancy, but it’s growing rapidly. According to the Bank for International Settlements, the total value of cryptocurrency reached $30 billion in September 2017. And as governments and businesses have become more aware of cryptocurrencies, so has the public. Some studies show that more than 10% of Americans hold one cryptocurrency or more, making it one of the fastest-growing segments of the economy.
Digital currencies such as Bitcoin continue to have a strong year, with a recent poll showing that many fund managers are taking a bullish view on the crypto space. According to a poll of the world’s biggest hedge fund managers by Reuters while the next-largest cryptocurrency ripple has seen its value almost triple in the past three months to hit a record high of $2.3 billion, bitcoin is by far the largest, with a market capitalization of around $150 billion, according to Coinmarketcap.com. Of the 22 fund managers polled, 56 percent said they are bullish on bitcoin, compared to 36 percent who said they are bearish and eight percent who said they are neutral.
An article from Bloomberg says that Bitcoin is the most crowded trade globally. This is based on analysis of global fund managers. The analysis shows that all sectors are overbought except cryptocurrencies.</pThe price of bitcoin has fallen recently, but research shows that the digital currency is still very popular with investors. A new study by fund managers at Bank of America (BofA) shows that the long position in bitcoin is the most crowded market in the world, reports Bloomberg. The survey was conducted from May 7 to 13 and included responses from 194 fund managers with more than $590 billion in assets under management. Other positions include a long technology position, a long ESG position, a short US position and a long infrastructure position. Despite the popularity of BTC, an overwhelming majority (75%) of managers believe that cryptocurrency is a bubble.
Recent surveys of BofA fund managers
The results of the previous survival of fund managers were similar to the current one: In an April survey, 74% of investors thought bitcoin was a bubble. Moreover, 10% of the respondents answered neither yes nor no to this question. The cryptocurrency ranked second among the most popular transactions. Bitcoin has led the way all year. In the March BofA survey, it was considered the second most popular by fund managers with 24% of the vote. This time, long technology came in first place with 34% of the votes. The survey also found that more than 90% of fund managers expect inflation to rise in the next 12 months. May’s poll is not the first time bitcoin has taken the top spot. It was also chosen by fund managers as the most active transaction in January this year. At the time of this research, bitcoin had not yet reached its historic highs of Q1 2021. Bitcoin reached the $50,000 mark in February and surpassed it by a wide margin in the second quarter.
BofA and Blockchain
Kathy Bessant, BofA’s Director of Operations and Technology, recently shared her thoughts on blockchain technology at the Collision 2021 event. According to Bessant: I am fascinated by the beauty of distributed ledger technology blockchain….. In financial services and for our company, it was a great technology that was looking for an application. Give me an example of a meaningful application in financial services and we’ll try it, she said. Bessant also revealed that BofA is currently testing a new technology. BofA holds 50 of its patents in the distributed ledger market, she said. On the suitability of new technologies for the banking sector, she said the following: The banking industry has long aspired to become electronic and digital. We’ve been transferring money electronically for decades, with a high level of security and an unambiguous view of where the money is coming from, so maybe we’re not the best use case. Interestingly, Bank of America Corp. has decided to use a blockchain-based Paxos system, Bloomberg reports. The system will allow the bank to process stock market transactions in minutes. This is a significant improvement over the current billing period of about two days. Paxos is the first regulated blockchain infrastructure platform. Clients include Credit Suisse, PayPal and Société Générale. The company recently closed a Series D financing round of $300 million.The bitcoin cryptocurrency has had a wild ride since it first came into existence in 2009. The price of a single bitcoin, which is a form of currency that only exists online, has gone from a few cents to as high as $1,200 per bitcoin. However, in one year (2013), the price plummeted to $183 before climbing back to $1,000 in 2014. It’s been all downhill since then, with the price dropping to $455 as of August 1. In the past year, however, the price has dropped 48 percent to $265.. Read more about bank of america global fund manager survey and let us know what you think.The bitcoin cryptocurrency has had a wild ride since it first came into existence in 2009. The price of a single bitcoin, which is a form of currency that only exists online, has gone from a few cents to as high as $1,200 per bitcoin. However, in one year (2013), the price plummeted to $183 before climbing back to $1,000 in 2014. It’s been all downhill since then, with the price dropping to $455 as of August 1. In the past year, however, the price has dropped 48 percent to $265.. Read more about bank of america global fund manager survey and let us know what you think.
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