Bitcoin (CRYPTO:BTC) prices were up 10.5% over the past 24 hours on Monday morning to above $48,000, but they remain well below their all-time high of $58,313.
Bitcoin prices are now up 475% in the past year, and a new survey by DataTrek Research suggests investors think 2021 could be a sequel to 2018.
Where Are The Bubbles? DataTrek recently asked 394 investors where they currently see pricing bubbles in financial markets. Bitcoin was by far the most popular response at 71.8%. U.S. large-cap stocks and ETFs such as the SPDR S&P 500 ETF Trust (NYSE: SPY) were a distant second at just 24.3% followed by U.S. small-cap stocks and funds like the iShares Russell 2000 ETF (NYSE: IWM) at 16.2%.
When asked if the Federal Reserve is responsible for inflating bubbles in Bitcoin and other assets, 71% of respondents answered “yes.” Of those surveyed, 60% said the exploding popularity of special acquisition companies (SPACs) has also fueled a bubble in large parts of the U.S. equity market.
DataTrek Co-Founder Nicholas Colas said he was surprised at how few investors see the SPAC frenzy as a bubble contributor.
“If we had asked a follow-on question about ‘is the larger bubble you’re thinking about in EVs/AVs and other disruptive tech stocks?’ the overwhelming answer would very likely have been ‘Yes,’” Colas said.