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Long Bitcoin Remains the Most Crowded Venture: BofA Survey

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As of now, we know how Bitcoin is among the most preferred digital currencies when it comes to investing in any Cryptocurrency. All thanks to the skyrocketing prices, it has gone at a great pace. Despite the pandemic impacting the market in a bad way, we have seen a steady and faster rise of this coin in terms of value. This comes as an interesting trend in the market, suggesting that the coin which came with a particular purpose has made things work in this direction. Thus many feel that Bitcoin remains the most crowded trade option all across the globe, and it seems to have emerged in the recent survey carried out by none other than the top Bank called the Bank of America. This has come up in the wake of an interesting revelation, and it would be exciting to check how people have responded to this survey conducted by the Bank. Well, how about checking it as under: 

Well, talking about the survey done for the digital currency, around 43 per cent of fund managers who participated in the study conducted by BofA claimed that long bitcoin remains the hot cake when it comes to crowding trade at the moment. We found Bitcoin to be among the most crowded trade options of 2021, but it was then overtaken a lot by the long technical stuff for the last few months. In this survey, we have seen Bank of America now noting the fact that in part, we have seen too many peaks seen in different trades that are classified by crowded trades and the ones that are linked with the tactical tops, as seen in several relative performances including the tech stocks as found so far by the end of 2020 and even a year before the same claims the Treasuries in March 2020, while the same is going to happen in the USD as well earlier in Jan 2017. 

At the same time, it was noted in the survey that more than 15 per cent of the fund managers and experts feel that bitcoin is soon going to perform the best in the coming months in this year only, and it has gone down by 15 per cent that has claimed in the April based survey. Bitcoin has remained on the upper side for a long, and it continues at a faster pace, with the value reaching somewhere to 54K USD, yet the downward direction falls by 30 per cent from the upper value of 65K USD; it seems to be going at the faster pace. It has remained the largest digital currency that seemed to have pulled amidst the number of tweets that has come along from Elon Musk about the key issue of mining-related to the energy consumption of bitcoin. We, therefore, also can make out that Musk might sell off the bitcoin in some way or the other. However, he also made things very clear that his company has so far not sold out any bitcoin in the market, which they have procured at a whopping cost of 1.5 B USD this Jan 2021. Now, if we look at the majority of ardent lovers of bitcoin, such a roller coaster ride is inevitable for this digital currency and that they very well know when and how to make their asset growth and how they can earn in the coming times. They claim that the company belonging to Musk has already gained 51 per cent of revenue to date when it comes to trading in it. As per the top digital money investor and multimillionaire called Mike, N claims that bitcoin may be seen stuck in 40k to 50k USD at the moment, but it is sooner or later going to jump at the higher position this year for sure.  Before 2021, we have seen the idea of long bitcoin taking place in the market, and many people in the domain have voted the best in the crowded business till December 2017 in the last rally. Talking about this survey, Bank was seen surveying around 216 different fund managers who own around 625 Billion of assets that fall under the management to date in the last two weeks. In order to explore more on this topic, you can think of visiting Bitcoin Digital.

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