Bank of America’s latest Global Fund Manager Survey shows that “long bitcoin” is now the second busiest trade. Additionally, most fund managers believe that Bitcoin is in a bubble and agree with the Fed that inflation is temporary.
Bank of America fund manager survey, June
Bank of America (BofA) released its June Global Fund Manager Survey this week. The survey, conducted June 4-10, includes 224 fund managers with $ 667 billion in assets under management.
Fund managers were interviewed on many topics of concern to investors, from how the economy and markets perform, to portfolio managers’ liquidity levels and the trades they consider to be the most exaggerated.
“Long Commodities” is now the busiest trade and overtakes “long bitcoin“Which is now the second busiest trade. The third most common trade is “Long Tech Stocks”, followed by “Long ESG”, “Short US Treasuries” and “Long Euro”.
Despite the BTC 81% of the fund managers surveyed still think that Bitcoin is in a bubble. This is a slight increase over May, though 75% of the fund managers A survey found that Bitcoin was in a bubble zone. Bank of America itself has also warned that the cryptocurrency is in a bubble. Chief Investment Strategist at the Bank said in January, Bitcoin was “the mother of all bubbles”.
Meanwhile, 72% of fund managers say inflation is temporary and agree with what the Fed said. However, 23% believe that inflation is permanent. Federal Reserve Chairman Jerome Powell has used the word “temporary” several times to describe the threat of inflation to the US economy. Nonetheless, some people have indicated that they disagree with him, including the famous hedge fund manager Paul Tudor Jones and JPMorgan CEO Jamie Dimon.
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