Bitcoin, U.S. tech stocks seen as biggest market bubbles – investor surveys

Bitcoin, U.S. tech stocks seen as biggest market bubbles – investor surveys

LONDON - There is growing angst among investors over financial market price bubbles, and top of the list of concerns were the cryptocurrency bitcoin and U.S. tech stocks, two closely followed surveys showed on Tuesday.According to nearly 90% of respondents in Deutsche Bank's monthly money-manager study, many price bubbles were now being blown. The most extreme though is bitcoin, with nearly half of those surveyed seeing it at a maximum 10 on a 1-10 bubble scale.More generally, too, when asked specifically about the 12-month fate of bitcoin - which surged 300% last year - and electric vehicle maker Tesla which soared nearly 750% and is seen as emblematic of highly priced tech stocks, a majority of respondents said they were now more likely to halve than double in value. A similar Bank of America (BofA) survey showed that buying bitcoin had replaced buying tech stocks as the trade which fund managers saw as most crowded, knocking tech off the top spot for the first time since October 2019 and into second place. The cryptocoin hit a record high $40,000 earlier this month, having rallied more than 900% since a low in March and having only just breached $20,000 in mid-December.Investors were bullish on