Express
Bitcoin Becomes Most-Crowded Trade: Bank of America Survey
Summary: Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey“Long bitcoin” – a bullish bet on the top cryptocurrency – is now the most crowded trade in financial markets, according to Bank of America’s January survey of fund managers. Published by Reuters on Tuesday, the research is evidence of the growing popularity of ...
Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey“Long bitcoin” – a bullish bet on the top cryptocurrency – is now the most crowded trade in financial markets, according to Bank of America’s January survey of fund managers. Published by Reuters on Tuesday, the research is evidence of the growing popularity of bitcoin as an investment asset. Widely touted as a digital gold and an inflation hedge, the leading cryptocurrency by market value has rallied by over 230% in the past three months on the back of institutional demand. Prices clocked record highs above $41,900 earlier this month. Meanwhile, betting against the U.S. dollar (“short USD”) is now the third most popular trade.
