There is growing concern among investors about bubbles in financial markets, with the cryptocurrency bitcoin and shares of US technology companies appearing on the list of assets of concern. This is evidenced by the latest results of two studies regularly conducted by reputable market representatives.
So, according to almost 90% of respondents to the monthly survey conducted by Deutsche Bank among wealth management specialists, price bubbles are currently being pumped. The most extreme of these is bitcoin: almost half of those surveyed rated its danger at 10 on a scale from 1 to 10.
When asked specifically how they see bitcoin’s fate in a year, most respondents said they thought the price was likely to drop by more than half. Recall that over the past year, the most famous cryptocurrency has more than quadrupled in price. Recently, the value of one bitcoin exceeded $ 41,000. At the time of this writing, it is $ 37,265.
A similar study by Bank of America (BofA) found that buying bitcoins recently became the most popular transaction, relegating tech stock purchases to second place for the first time since October 2019.
By the way, technology stocks, as already mentioned, are also considered a bubble. A symbol in this regard is the electric car maker Tesla, which has grown by almost 750% over the past year.
However, while fund managers are wary of bubbles, they have not yet recovered from them. According to BofA, a record 19% of investors who collectively manage over $ 500 billion in assets are now taking more risk than usual in their investment portfolios. At the same time, a record 83% of investors expected a steeper yield curve – this is usually the case when long-term borrowing costs rise due to expectations that economic growth will lead to higher official interest rates. This is more than after the collapse of Lehman Brothers in 2008, the “tantrum” of the US Federal Reserve in 2013 or the US elections in 2016.
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