Bitcoin is a bubble, say 74% of investors - survey

Nearly a third of them think cryptocurrency is most crowded trade

Cryptocurrency fans may argue that bitcoin is a hot investment option now, but most professional investors think otherwise, according to a new Bank of America (BofA) survey.

Among those polled in the latest BofA Fund Manager Survey conducted this month, 74 percent think that bitcoin is a bubble, while only 16 percent don’t believe that the leading cryptocurrency is about to burst.

Bitcoin is the most popular cryptocurrency. One Bitcoin is equivalent to $64515.50 based on today’s price.

In recent months, bitcoin’s value has multiplied, hitting a peak of $57,489 last February and breaking the $60,000 mark this month. With its meteoric rise beating other assets, some analysts predict that bitcoin could strengthen further and hit as much as $130,000.

BofA’s survey also showed that about a third (27 percent) of professional investors think that bitcoin is the most crowded trade this month.

Coinbase, the largest cryptocurrency exchange in the US, is scheduled to go public on Nasdaq today.

The respondents polled for the BofA survey, which include chief investment officers, asset allocators and portfolio managers, have $530 billion in assets under management.