We are officially in bubble territory.
Earlier today, coinciding with the release of the latest Bank of America Fund Manager Survey, Deutsche Bank also published its latest monthly survey (Jan 13-15) polling 627 market professionals, and which found that just a paltry 12% of respondents saw no bubbles in financial markets.
So with almost 9 out of 10 survey participants now agreeing there is a bubble, where is it?
According to DB’s survey, 50% of investors gave Bitcoin the maximum 10 out of 10 bubble rating with an average score of 8.7. Not surprisingly, this confirms the finding from BofA’s own survey according to which Bitcoin was the “most crowded trade“, even though as we explained, it most certainly isn’t.
Perhaps this is just Wall Street projecting, jealous of 16-year-old Robinhooders (who have recently purchased lambos) who truly are long cryptos, even as most professionals refuse to chase the cryptocurrency ever higher while piling into such bubble names as Tesla.