bitcoin has rallied so much this year
that the traditional money managers are
getting more and more worried about the
digital currencies rise Bank of America
Merrill Lynch found that in its December
survey 32% of money manager said
bitcoins the most crowded trait meaning
that it's so popular that it could
reverse just as quickly as its rallied
more than 1,700 percent this year
there's other signs that the Bitcoin
mania is getting way ahead of itself
some market analysts said in the last
week that this kind of mania could only
exist because the whole financial market
is in this state of high confidence the
S&P 500 is up more than 20% this year at
record highs and on pace rose being the
second longest bull market on record the
financial market analysts also pointed
out that it's not just Bitcoin or stocks
that are up a lot this year with that
Leonardo da Vinci painting selling for
450 million dollars the highest art
auction has recorded a real estate sign
for tens of millions or even hundreds of
millions of dollars and the high
confidence in all these markets is
encouraging more and more people to buy
which lays the foundation for why we
could have fake cryptocurrency mania
that we've seen especially in the last
couple months the meaning is also
spreading from the coastal states to the
Midwest CNBC analysis of Twitter found
that mentions of Bitcoin litecoin
aetherium and ripple were up
dramatically from January to November
Illinois was a state that saw the most
growth up a thousand percent in Ohio
Texas and Florida also saw growth in
Twitter mentions of these
cryptocurrencies of several hundred
percent
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