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Goldman chart reveals what hedge fund investment chiefs really think about bitcoin
Our call of the day comes from a Goldman Sachs GS, +0.70% survey, in which chief investment officers said bitcoin was their least favorite investment.
The world’s No. 1 crypto has had a volatile few months and moved lower on Sunday, on reports that Chinese social media platform Weibo had suspended a number of crypto accounts. A warning from the People’s Bank of China against using crypto for payments last month sparked a bitcoin crash, as it fell below $40,000 from a mid-April peak of $64,829.
Bitcoin’s rally to that peak had been partially attributed to more institutional adoptions of the crypto assets, according to some analysts and commentators.
However, a number of chief investment officers made their views on bitcoin clear in a recent survey conducted by Goldman Sachs.
“We held two CIO round table sessions earlier this week, which were attended by 25 CIOs from various long only and hedge funds,” said the Goldman strategists. The CIOs were surveyed on their views and outlooks, including their favorite investment styles and asset classes.
“Their most favorite is Growth style but least favorite on bitcoin,” added the strategists, led by Timothy Moe. In fact, 35% said the world’s No. 1 cryptocurrency was their least favorite, followed by new initial public offerings with 25%, and rate sensitivities with 20%.
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https://www.marketwatch.com/story/bitcoi...=home-page
Our call of the day comes from a Goldman Sachs GS, +0.70% survey, in which chief investment officers said bitcoin was their least favorite investment.
The world’s No. 1 crypto has had a volatile few months and moved lower on Sunday, on reports that Chinese social media platform Weibo had suspended a number of crypto accounts. A warning from the People’s Bank of China against using crypto for payments last month sparked a bitcoin crash, as it fell below $40,000 from a mid-April peak of $64,829.
Bitcoin’s rally to that peak had been partially attributed to more institutional adoptions of the crypto assets, according to some analysts and commentators.
However, a number of chief investment officers made their views on bitcoin clear in a recent survey conducted by Goldman Sachs.
“We held two CIO round table sessions earlier this week, which were attended by 25 CIOs from various long only and hedge funds,” said the Goldman strategists. The CIOs were surveyed on their views and outlooks, including their favorite investment styles and asset classes.
“Their most favorite is Growth style but least favorite on bitcoin,” added the strategists, led by Timothy Moe. In fact, 35% said the world’s No. 1 cryptocurrency was their least favorite, followed by new initial public offerings with 25%, and rate sensitivities with 20%.
...
https://www.marketwatch.com/story/bitcoi...=home-page
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