A recent survey conducted by Goldman Sachs revealed that bitcoin is least favored by chief investment officers (CIOs).
The bank hosted two roundtable discussions for the investment officers of hedge funds, culminating in findings that the leading cryptocurrency was the least preferred investment, with “long bitcoin” emerging as the most crowded trade.
Goldman Sachs strategist Timothy Moe said, “We held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds. Their most favorite is growth style but least favorite on bitcoin.”
Value style and commodities followed as the most favorite while fresh IPOs and rate-sensitive assets followed the digital currency as least favorites as well.
Bank of America survey says otherwise
On the other hand, Bank of America, with its May Fund Manager Survey, found out that bitcoin was a popular investment among asset managers that were polled.
The study, which included 216 fund managers with $625 billion in total assets under management (AUM), also revealed “long bitcoin” was the most crowded trade and was second-most popular in April.
Meanwhile, unlike the CIOs that became the subject of the survey, Goldman Sachs analysts remain optimistic about bitcoin’s future despite its ongoing struggle in the crypto market.
Top crypto expected to bounce back
While the findings of one of the giant financial institutions in the U.S. might have hurt bitcoin, even more, some positive developments are expected to fuel its rebound.
At press time, CoinGecko tracking puts bitcoin at $33,042 per unit and is staring at a decline in value of almost 12% for the past seven days.
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