The Bank of America is now taking a bullish position toward Bitcoin. Its recent chart analysis shows Bitcoin in the month of June this year. The bank shows optimism about the asset in its global research report for 2022.
It further shows that Bitcoin has survived many crashes through the years. But the king coin always rallied at the end and got to a new high.
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Many crypto critics have called Bitcoin a bubble several times. These include Warren Buffet as well as his close ally, Charlie Munger.
A closer look, however, shows that the asset keeps making new heights since its launch. It does so in spite of seeing crashes of over 50% at different junctions.
BOA Line Towed by Investment Strategists
The graphical illustration pushed by the Bank of America was drawn by Lyn Alden. Lyn Alden founded the Lyn Alden Investment Strategy and the firm is absolutely bullish about Bitcoin.
The founder corroborated claims that Bitcoin had dropped sharply at different times before. She said Bitcoin has eventually always performed better than other assets and asset classes.
In her words, she hasn’t seen any asset gain a new all-time high following many different 50% falls. She said this in response to a Bitcoin critic on her Twitter page.
Bitcoin Adoption Won’t Slowdown Over Headwind
The Bank of America recently carried out a survey over people’s perceptions about Bitcoin. The survey revealed that more than 90% of its respondents are planning to buy Bitcoin. A lot of the same people are planning to buy it before the end of the year.
The survey examined about a thousand people. Most of them plan to buy Bitcoin in six months.
A senior analyst at the bank, Jason Kupferberg, spoke with CNBC about the survey. He was asked why he thinks people would want to buy and own Bitcoin. For Kupferberg, using Bitcoin for payment is quite interesting.
He added that Coinbase can link up with businesses and let people spend crypto directly. This saves users the stress of converting by themselves.
The Bank of America has approved trading Bitcoin Futures for selected clients since 2021. The bank’s research arm is looking very intently into Bitcoin. Further research has it that it is also looking at altcoins with the same intent.
This development is not surprising since they have been giving mixed signs about Bitcoin. Nevertheless, with the survey that has 90% support for owning Bitcoin this year, the terrain is highly bullish.