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Tuesday, March 5, 2024

Goldman Sachs: What Hedge Fund Investment Managers Really Think About Bitcoin

In a survey by investment bank Goldman Sachs, 25 hedge fund CIOs were asked about their preferred investment styles and asset classes. It also became clear what the investment bosses think of Bitcoin.

• Bitcoin recently consolidated in the $ 40,000 range
• Goldman Sachs survey: Bitcoin most unpopular asset class among hedge fund investment managers
• According to Troy Gayeski, gold and bitcoin could benefit from inflation

Bitcoin has had a harder time again recently

The most popular cryptocurrency has had a few extremely volatile months. After a strong rally at the beginning of the year, in which a new all-time high of 64,829 US dollars was achieved in April, Bitcoin fell to below 40,000 dollars after the re- emerging discussion about the environmental compatibility of the cyber currency, a negative attitude by China and general profit-taking and is currently consolidating at around this level. The previous bull market was partly attributed to increased institutional investors and investments by large companies and fund managers. In the new Goldman Sachs survey, however, a different picture emerges.

Survey shows little interest from hedge funds in Bitcoin

In a Goldman Sachs poll published on MarketWatch, 25 hedge fund managers were asked to name their favourite and least popular asset classes. According to the survey, the most popular asset class among experts is growth stocks. Over 50 percent of those surveyed named this category as their favourite asset class. This was followed by value stocks and commodities. According to this survey, the least popular asset class is Bitcoin, according to 35 percent of hedge fund managers. The asset class that was the least popular among hedge fund investment chiefs after Bitcoin was IPOs. Even if only 25 CIOs took part in this survey, it is still clear that Bitcoin does not seem to be in the focus of the hedge funds.

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Different poll – more bullish outlook

In contrast to this survey, there was a global fund manager survey by Bank of America in early May , which in turn showed that Bitcoin-Long was the busiest trade, as MarketWatch’s Callum Keown reported. Troy Gayeski, Co-CIO and Senior Portfolio Manager at SkyBridge Capital, was also convinced of the cryptocurrency in relation to the Invezz portal. Because of the fear of rising inflation, he sees good opportunities for a rising gold prices – but prefers Bitcoin, as the asset offers even more possible upside potential. So it becomes clear that opinions on Bitcoin are still very divided. The timing of the surveys certainly plays an important role. The month that lies between the two surveys is a long period of time in which a lot can change in the field of cryptocurrencies, a highly volatile asset class. It remains to be seen whether large and institutional investors such as hedge funds really tend to avoid Bitcoin or whether Bitcoin will soon regain its old strength.

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