Bank of America’s monthly Fund Managers Survey published yesterday shows that of the 181 who took part in this extensive questionnaire 26 per cent believed that being long Bitcoin was the most crowded trade. Long NASDAQ came second (down from top spot in August) and in third place being short the US dollar. Note that from December 2016 to April 2017 the most crowded trade was consistently being long the greenback. Later in the day JP Morgan CEO Jamie Dimon said the crypto currency, which is up over 300 per cent year to date, is ‘worse than tulip bulbs. It won’t end well’.
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