A survey of fund managers, conducted by Bank of America Merrill Lynch, found pessimism at a level not seen since the last financial crisis. The on-going trade war and the expectation of an incoming global recession are driving fears of an economic collapse, which may strengthen the image of bitcoin as an uncorrelated asset.
Nonetheless, despite the gloomy outlook, all three major US market indexes are close to their all-time highs. As such, this contrarian position has led some to label the economy a game of smoke and mirrors. Taking this into account, some look to Bitcoin an alternative, but as a niche product, is that justifiable?