Bank of America Still in Denial, Calls Bitcoin a Bubble

bank of america bitcoin bubbles deceiving jan 2021

Bitcoin “blows the doors off prior bubbles” according to analysts at Bank of America who say stocks are frothy and apparently want investors to go into devaluing dollars. “Sell the vaccine: frothy prices, greedy positioning, inflationary and desperate policymakers, peaky China and consumer all ultimately (a) toxic brew in 2021,” said BofA’s chief investment strategist Michael Hartnett. Some $10 billion went into stocks last week according to BofA while cash attracted $29 billion, $1.5 billion for gold. It’s not clear how much went into bitcoin with GrayScale alone attracting about half a billion a week at the end of December. Investors have been taking money out of gold and into bitcoin as the currency has responded more quickly to the mass money printing. In addition it is being adopted as a portfolio diversifier after numerous studies concluded it increases risk adjusted returns. This however might look like a bubble because…

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