Earlier this week, a Bank of America poll found U.S. hedge fund managers prefer Bitcoin (BTC) to tech assets, but a Goldman Sachs poll of investment managers in Asia tells a different story.
Goldman Sach Global Investment Research has released a new survey that asked 25 investment managers from various hedge funds in Asia. The results show that Bitcoin is the least popular asset class for 35% of participants.
“We held two CIO roundtable meetings earlier this week, attended by 25 CIOs from various long-term and hedge funds.”wrote the strategist at Goldman Sachs, Timothy moe.“His favorite is the growth style, but least of all he likes Bitcoin”.
New IPOs follow with 25% Bitcoin as the least preferred investment style.
On the other hand, more than half (55%) are in favor of growth investmentswhich consists of investing in companies that offer strong earnings growth. Value investing follows (30%)In other words, looking for undervalued assets in the market.
Although the survey sample size is small to generalize, the Goldman Sachs survey is in stark contrast to the recent Bank of America (BofA) survey.With responses from 194 fund managers with $ 592 billion in assets under management,
According to the BofA survey Bitcoin’s “long position” has even exceeded the trading volume of long positions in technology stocks, with nearly 45% of respondents preferring the most important cryptocurrency over technology.. Trades identified in the past as saturated have announced an impending high for their respective markets, the BofA noted in comments on the survey.
After a bearish month, Bitcoin got off to a rocky start in June.Â When the miners sold more than 5,000 BTC in the past week, Bitcoin fell below $ 33,000 for the first time since May 23.
The global cryptocurrency market has lost around $ 500 billion this week alone.Â Losses in the last two months after the April high have undermined the previous quarter’s market growth.