Large fund managers can’t help themselves from chasing the explosive returns offered by bitcoin.
Their surging interest has made owning the scorching-hot cryptocurrency the market’s most crowded trade, according to a Bank of America Merrill Lynch survey of 203 fund managers overseeing $558 billion.
That so many traders are rushing to get bitcoin exposure should come as little surprise, considering its astronomic rise in recent months. The cryptocurrency has increased roughly 1,800% versus the US dollar this year, growing its market cap to more than $300 billion, according to CoinMarketCap.com.
