According to a survey conducted by US bank Bank of America, 81% of fund managers believe the Bitcoin market is a bubble despite the 35% plunge in its price recorded last May, Bloomberg has reported.
Notably, the same survey returned a 75% result last month, so fund managers’ opinion of the crypto market has worsened compared to May.
The survey results also revealed the survey participants, 207 investors with total assets of $645 billion, believe long positions in Bitcoin are the second most in-demand investment behind commodities.
Although cryptocurrency prices are falling, investment banks continue to embrace this emerging asset class. For example, Goldman Sachs recently reported it intends to launch Ethereum-linked derivative products for its clients.