A new survey by Deutsche Bank recorded investors’ opinions on Bitcoin. Respondents were asked specifically about the digital asset as well as electric car company Tesla. More than half of people surveyed (about 56%) now think that Bitcoin and Tesla are more likely to halve than double in value.
A majority of respondents also felt that markets are currently facing bubbles. In that regard, about 89% of those surveyed believe US technology stocks and Bitcoin are in a bubble, with the crypto closing in on “extreme bubble” territory.
Nevertheless, the asset has been gaining popularity among institutional investors. After the purchase of 16,244 BTC on 18 January, crypto hedge fund manager Grayscale recently became one of crypto’s biggest institutional buyers.
Recently, Bitcoin bagged the most crowded position in a similar study. Long Bitcoin replaced big tech stocks as the most crowded trade in Bank of America’s monthly fund manager survey.
However, according to the Deutsche Bank survey, 71% of respondents do not believe that the Federal Reserve will go back on its stimulus plans before year-end. A quarter of those surveyed are of the opinion that economic growth or markets “could force their hand.”
Many think the current Bitcoin rally is due to concerns about inflation and fears of a devalued dollar, especially over Fed’s intention to pump more money.
After a major pullback in prices, Bitcoin was trading at $37,481.67 at press time and has been up by 3.6% in the last 24 hours.