Bank of America customers with a combined $561 billion holdings say Bitcoin is the world’s most crowded trade, Bloomberg reports. The investors hold long positions in the largest digital currency, reaching new highs, with retail and institutional names joining the crypto boom.
- The BofA poll does not necessarily mean that more fund managers own Bitcoin but offers a check on the digital currency’s 400% rally over the past year.
- Bitcoin’s investors are positioning for a boom from small caps and value companies to emerging markets with “extremely bullish” sentiment raising the risk of a market correction.
- Bitcoin’s surge comes at a time stock allocations have spiked to the highest level in three years as a conviction on an early-cycle economy recovery to the highest in more than a decade.
Bitcoin is currently gaining. BTCUSD is up 1.28%