2021-6-7 18:18 |
As crypto traders and investors spend yet another week in the range, a Goldman Sachs survey reveals Bitcoin is the least favorite investment among chief investment officers. The Goldman strategists said,
“We held two CIO round table sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds.”
The chief investment officers were surveyed by the banking giant, which recently started offering bitcoin derivatives trading on the back of significant growth in “institutional demand,” on their 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.
As per the survey, 35% of the respondents said the leading cryptocurrency was their least favorite, followed by new initial public offerings (IPO) by 25%, and rate sensitivities among 20%.
These results were in contrast with Bank of America’s global fund manager survey for May, which found “long Bitcoin” the most crowded trade. However, during BoA’s survey early last month, the price of BTC was around $57k, and this month, it is around $36k.
“We are in a choppy range,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Sunday. “The key level for the bulls to hold is $33,400 as it keeps the pattern of higher lows intact,” with “uncertainty about China crypto regulations” still a headwind.
Meanwhile, the president of El Salvador, Nayib Bukele, has declared that the country will make Bitcoin a legal tender for which legislation will be proposed this week. Following this announcement, Carlos Antonio Rejala Helman, Deputy of the Nation, hinted that Paraguay is also considering something important with Bitcoin.
Goldman’s survey, meanwhile, further revealed that the biggest concern among these CIOs was inflation and interest rates, with the US Federal Reserve expecting to start tapering in the first half of the next year and the first interest rate increase coming in the second half of 2022.
Bitcoin/USD BTCUSD 35,433.5272 -$425.20 -1.20% Volume 30.12 b Change -$425.20 Open$35,433.5272 Circulating 18.73 m Market Cap 663.64 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin is the ‘Least Favorite’ Asset Among CIOs, Reveals Goldman Sachs Survey first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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