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Over Half of Investors Think Bitcoin, Tesla Stock Are Biggest Bubbles: Deutsche Bank Survey
One-quarter of respondents think bitcoin could double its price to north of $70K by the start of 2022.
Updated Sep 14, 2021, 10:58 a.m. Published Jan 20, 2021, 10:54 a.m.
More than half of the market professionals polled in Deutsche Bank's latest investor survey think bitcoin and tech stocks – namely electric-car maker Tesla – are at the top of the list of bubbles in the financial markets.
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- The research, conducted from Jan. 13–15, indicated that 89% of the 627 market professionals polled think certain financial markets are currently caught in a bubble, as reported by CNBC on Tuesday.
- Of all respondents, 56% believed bitcoin is more likely to halve in value over the next 12 months. An even larger 62% thought Tesla would see the same drop.
- Bitcoin is viewed as an extreme case by half of the respondents, who rated the top cryptocurrency by market value at 10 on a 1–10 bubble scale.
- However, around a quarter of respondents believed bitcoin could likely double in value by the same time next year, meaning its price tag could sit somewhere north of $70,000.
- More than two thirds of the professionals surveyed believe the U.S. Federal Reserve will not end its stimulus program before the end of 2021 – a possible catalyst for further growth in the fintech sector.
See also: Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey
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