Bank of America is Bullish on Bitcoin

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Bank of America is Bullish on Bitcoin

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Bank of America is leaning bullish on Bitcoin after it recently shared an optimistic bitcoin chart in its June 2022 global research report. The chart depicts bitcoin surviving numerous crashes over the years, rallying each time to an all time high.

Bitcoin has been called a bubble by several crypto critics, including Warren Buffett and his right-hand man Charlie Munger. However, looking at the chart below, it is clear that the digital commodity has been making higher highs since its inception despite witnessing crashes of more than 50%.

Investment Strategist Remains Bullish on Bitcoin

The chart was originally created by Lyn Alden, founder of Lyn Alden Investment Strategy, who remains super bullish on bitcoin. She pointed out that bitcoin’s price has dropped significantly multiple times in the past, but in the longer run outperformed multiple asset classes.

This chart was present in the Bank of America global report, as shared by Alden.

“I haven’t found another asset that went to new all-time highs after this many separate 50%+ drawdowns,” Alden replied to one of the Bitcoin critics on her post.

Headwinds Won’t Slow Bitcoin Adoption

Bank of America recently concluded a survey where it was revealed that over 90% of respondents plan to buy bitcoin by the end of 2022. Around 1,000 people were included in the survey and more than 90% of the participants had planned to buy Bitcoin in the next six months.

Jason Kupferberg, a senior BOA analyst, appeared on CNBC to discuss the survey. When asked why people wanted to own bitcoin, he mentioned that using it for payments was interesting because a company like Coinbase could link with merchants and allow people to spend their assets without doing the spot conversion themselves.

Bank of America also approved Bitcoin Futures Trading for some of their clients in 2021. Their research arm at BOA is looking into bitcoin, but unfortunately has also been looking into altcoins. This isn’t a surprise because they have given mixed signals on bitcoin up to this point. However with 90% support for buying bitcoin in 2022 or later, this latest survey is overwhelmingly bullish on bitcoin.

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