Deutsche Bank has conducted a survey about financial bubbles. Eighty-nine percent of respondents see some bubbles in financial markets, with bitcoin near the “extreme bubble” territory. However, more respondents expect the cryptocurrency to double than they do Tesla’s stock.

Deutsche Bank’s Bubble Survey

A survey published Tuesday by Deutsche Bank asked 627 market professionals to rate on a scale of zero to 10 how they see financial bubbles in a range of assets. According to CNBC, the survey was conducted between Jan. 13 and Jan. 15. The bank found that 89% of survey respondents currently see some bubbles in financial markets.

Bitcoin is the closest to the “extreme bubble” territory, followed by U.S. tech equities, and European government bonds, according to the respondents. In addition, they see less of a bubble in European equities, Asian equities, and non-tech U.S. equities.

Deutsche Bank’s survey result showing how respondents see bubbles in different types of assets. Source: Deutsche Bank.

The price of bitcoin has risen about 66% since the beginning of December and about 9% since the beginning of the year. Bitcoin’s price reached an all-time high above $41K on Jan. 8. It has since retreated and stands at $32,475 at the time of writing, based on data by markets.Bitcoin.com.

The Deutsche Bank survey also compares bitcoin to Tesla’s stock, which has also seen huge gains over the recent months. Tesla’s stock is up 44.5% since the beginning of December and almost 16% since the beginning of January. Deutsche Bank strategist Jim Reid, along with research analysts Karthik Nagalingam and Henry Allen, explained:

When asked specifically about the 12-month fate of bitcoin and Tesla — a stock emblematic of a potential tech bubble — a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers.

When comparing Tesla’s stock to bitcoin, however, more respondents believe that bitcoin is more likely to double than Tesla and less likely to halve.

Chart comparing bitcoin to Tesla’s stock in Deutsche Bank’s survey. Source: Deutsche Bank

The Deutsche Bank survey also asked respondents about the Federal Reserve tapering its asset purchasing program as a potential factor that will pop the bubble. “71% of respondents do not believe that the Fed will taper before year-end, which is in line with what Fed governors had been saying forcefully by the end of last week,” the Deutsche Bank analysts conveyed. They noted that “a quarter of readers may think that economic growth/markets could force their hand.”