Bitcoin At Over $75K Within A Year, Say 25% Of Fund Managers Surveyed By BofA

A Bank of America survey indicated that a quarter of fund managers expect Bitcoin BTC/USD prices to exceed $75,000 in a year.

What Happened: One-fourth of the polled fund managers expect the apex coin to rise above the $75,000 level in 12 months, while 20% think it will be rangebound between the $50,000 and $75,000 levels, reported CoinDesk.

Only 19% of the fund managers said BTC would decline to the $25,000 to $50,000 range. 

At press time, BTC traded 0.93% lower over 24 hours at $60,550.60. So far in 2021, the coin has gained 106.35% hitting an all-time high of $68,789.63 last week.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The survey was carried out among 345 fund managers from around the world with funds under management of over $1 trillion.

The fund managers also picked BTC by a small margin as the best asset class in 2022 over oil and gold, noted CoinDesk.

While 12% of the fund managers chose BTC as the best asset, 10% chose oil and gold. Emerging market stocks topped the survey with 34% of the respondents, calling it the best asset class in 2022. S&P 500 was the second-best at 30%.

The BofA survey indicated that long positions on BTC are more crowded than those on environmental, social, and governance or ESG. 

BTC emerged as the second “most crowded” trade as per the survey, while the top spot went to long tech, CoinDesk noted. While 37% of the respondents voted for long tech, 21% voted for long BTC.

In October, only 10% of fund managers had called BTC the “most crowded” trade. ESG trades were favored by 17% of the respondents and were ahead of BTC at the time, noted CoinDesk.

Over the weekend, DeVere Group CEO Nigel Green was reported to have said the price of BTC could continue rising until the second quarter of 2022 as inflationary pressures mount.

Read Next: Why Is Ethereum Rival Avalanche Soaring To New Heights Today?