For the first time ever, Bitcoin replaces ‘long tech’ from the first place as “crowded trade” – Study

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Bank of America’s monthly survey showed that the long place in Bitcoin is the most crowded exchange since January of this year. It will be the first time that ‘long software’ has been replaced by the leading commodity. In addition, according to the report, the short US dollar is the third most crowded exchange.

Trade fund managers who participated in the study oversee a record of over $500 billion in cash. Reports showed that 19 percent of these respondents indicated that they were still taking more chances than usual.

Earlier this month, Bitcoin climbed to $42,000 and faced a big pullback shortly after the hike. Since then, the asset has been selling more than $30,000. The co-founder of Messari, Dan McArdle, finds that Bitcoin has outperformed all over the past ten years. The digital commodity has seen a 7,837,884% gain over the last decade. Given the rising success of the currency, which is also seeing increasing acceptance, economists expect that Bitcoin will continue to appreciate and hit $100,000 by 2025.

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In another related report by Deutsche Bank, almost half of those polled conclude that the commodity is in a price bubble. About 56% of respondents predict Bitcoin to lose half of its value this year. In comparison, the majority of respondents to the Deutsche Bank survey put U.S. tech stocks first on this bubble list.

In addition, the BofA survey showed that 92 percent of investors expect that higher inflation will occur next year.

Earlier in 2017, respondents to BofA’s and Merrill Lynch’s Global Fund Manager survey selected Long Bitcoin as the most crowded trader.

 

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