Bitcoin is still being called a bubble after 35% crash in May: Survey

The view that Bitcoin is a hallmark of speculative excess and froth is still going strong, even after last month’s 35% plunge.

About 80% of fund managers surveyed by Bank of America Corp. called the market a bubble, up from 75% in May. The poll, which captures the view of 207 investors with $645 billion in assets, said “long Bitcoin” is the second-most crowded trade after commodities.

The results point to a skepticism among some professional managers about whether crypto is a viable asset class, given its extreme volatility and regulatory uncertainty. Bubble fears are nothing new for cryptocurrencies, and plenty of