Bitcoin is still being called a bubble after May’s 35% crash

The view that Bitcoin is a hallmark of speculative excess and froth is still going strong, even after last month’s 35% plunge.

About 80% of fund managers surveyed Bank of America Corp. called the market a bubble, up from 75% in May. The poll, which captures the view of 207 investors with $645 billion in assets, said “long Bitcoin” is the second-most crowded trade after commodities.

The results point to a skepticism among some professional managers about whether crypto is a viable asset class, given its extreme volatility and regulatory uncertainty. Bubble fears are nothing new for cryptocurrencies, and plenty of investors have voiced doubts over the wisdom of wading into an asset that has no fundamental underpinning.