National Australia Bank, Citing Highly Flawed Data, Calls Bitcoin a Bubble
National Australia Bank looms over Melbourne's citizenry like a dark, jagged cathedral of debt. Emma Lawson, Senior Currency Strategist for National Bank of Australia, has written a lengthy analysis of Bitcoin. Predictably, given her allegiances, she finds it to be an unsuitable alternative to AUD. Her (foregone) conclusion is ostensibly based on a laughably inaccurate data-point: "1723 registered businesses worldwide advertised as using Bitcoin (no doubt there are more in reality), [which] suggests there may be something in the idea that there is [sic] currently more people buying Bitcoin....
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The most recent Bank of America Fund Manager Survey shows that about three out of four professional investors think that bitcoin is a bubble. The fund managers also rated bitcoin second on the list of the most crowded trades. Recently, investment bank JPMorgan also warned that cryptocurrency as a sector is in a bubble. Bank of America Survey Shows Most Fund Managers Think Bitcoin Is a Bubble The Bank of America Fund Manager Survey for April shows that the majority of fund managers see bitcoin as a bubble. The survey asks 200 fund managers with $533 billion in assets under management.....