The price of Bitcoin has degraded fundamentally in the recent market crash, and even so, it seems that Bitcoin has some sort of potential left inside as it has not been cast completely by the traders or financial enterprises. Just like the real estate bubble back in the 90s, it is believed by many that Bitcoin and the idea of cryptocurrency and decentralization is merely nothing more than a bubble, but if it is a bubble, then it still has a lot of air within and has not submitted to deflate just yet.
Bitcoin’s Bubble has not Deflated at All even During the Recent Market Crash
The majority of the fund managers that rely on Bitcoin and cryptocurrency for the survival of their fund were surveyed by the Bank of America. And the findings were that despite its fall from its all-time high and then struggling to keep over $40k price note, Bitcoin still has got a lot of gas left within the tank.
The poll was in effect from 4-10 June. About 224 fund managers participated in this poll and were asked about their general thoughts around the idea of Bitcoin. Further findings of the poll reveal how they observe it as an asset class and where the cryptocurrency volatility adds up according to them in connection with uncertain regulations.
According to the survey designed and hosted by the Bank of America, about 80% of the attendants believed that the crypto market would continue to flourish and thus bubble over the course of several months. But the speculative nature of the market is not going to leave its side while this happens. Rich Bernstein, the famous fund manager of his time, says that it would be foolish to jump on the opportunity to buy Bitcoin and other cryptocurrencies when you don’t even have the need to invest.
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It is purely dangerous and subjective of playing with fire, according to Rich. But there are other fund managers who remain bullish in regards to Bitcoin and believe that the cryptocurrency will definitely surge in the long run and is not a very destructive investment vessel as portrayed by many.