BANK OF AMERICA: Bitcoin is the ‘most crowded’ trade
Count large fund managers among those unable to resist the allure of bitcoin’s massive returns.
Owning the scorching-hot cryptocurrency — which has surged more than 350% this year — is seen as the most crowded trade to a pool of 214 fund managers overseeing $629 billion, according to a survey conducted by Bank of America Merrill Lynch.
To be specific, 26% of investors surveyed in September said they viewed being long bitcoin as the most crowded position. Coming in second place and being dethroned from the top spot was the long Nasdaq trade, with …read more
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