'Long bitcoin' is no longer the most crowded trade for big-money investors - but more fund managers than last month say it's in a bubble, BofA survey finds
- 21% of fund managers surveyed by BofA said "long
bitcoin" is the most crowded trade, compared to 43% last month.
- Now, a majority of managers say "long
commodities" is the most crowded trade.
- However, a growing number of managers surveyed by BofA said bitcoin is in a bubble.
"Long bitcoin" is no longer considered the most crowded trade by a group of big-money fund managers surveyed by Bank of America.
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The cryptocurrency's rally in the last few days has been aided by comments made by billionaire investor Paul Tudor Jones. On Monday he told CNBC he likes bitcoin as a "portfolio diversifier and store of wealth."
Bank of America surveyed 224 panelists with $667 billion in assets under management from June 4-10.
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