In the recent months, there have been some significant developments in the cryptocurrency market. The price of Bitcoin has been rising steadily, and some believe that it will be the first cryptocurrency to reach $10,000. Bitcoin’s dominance in the cryptocurrency market has also increased significantly. It currently accounts for nearly 50% of the market.
While Bitcoin is still trying to find its way to mainstream acceptance, the cryptocurrency is still gaining traction among Asian investors. According to a Goldman Sachs survey released on Wednesday, Asian investors are more attracted to investing in technology companies and venture capital startups than in digital currencies.
As the price of Bitcoin soars to all-time highs, investors have been searching for alternatives to bet on the currency’s growth. So far, the hedge funds that have been investing in Bitcoin have had a very different mindset. According to Goldman Sachs’ latest survey of hedge fund managers, the vast majority of them do not believe the price of Bitcoin will keep rising: only 6% are bullish on the cryptocurrency.Earlier this week, a Bank of America survey found that US hedge fund managers prefer bitcoin (BTC) to technology, but a Goldman Sachs survey of Asian investment managers suggests otherwise. Goldman Sach Global Investment Research has published a new survey of 25 investment managers from various hedge funds. The results show that bitcoin is the least popular asset class for 35% of participants. Earlier this week, we hosted two ICO roundtables with 25 ICOs from various long-only funds and hedge funds. Timothy Moe, a strategist at Goldman Sachs, wrote: They prefer the growth style, but they prefer bitcoin. Goldman Sachs Global Investment Researchsurvey. Source: Bloomberg. New initial public offerings (IPOs) follow bitcoin as the least popular investment at 25%. On the other hand, more than half (55%) prefer to invest in growth, i.e. in companies showing significant earnings growth. This is followed by value investing (30%), i.e. looking for undervalued assets in the market. Although the sample size is small enough to allow for generalization, the Goldman Sachs study stands in stark contrast to the recent Bank of America (BofA) study. A BofA survey of 194 fund managers managing $592 billion in assets shows that betting on bitcoin is now the most popular bet across all markets. According to a survey by BofA, long positions in bitcoin even outperformed long positions in tech, with nearly 45% of respondents preferring the largest cryptocurrency over tech. Deals classified as crowded have historically heralded the impending peak in their respective markets, BofA said in its report. After a declining month, June had a turbulent start for bitcoin. As miners sold more than 5,000 BTC last week, bitcoin fell for the first time since the 23rd. May under $33,000. This week alone, the global cryptocurrency market lost about $500 billion. Losses in the last two months after the April peak completely wiped out the previous quarter’s market growth.As the cryptocurrency market continues to grow, it is no surprise that hedge funds are beginning to take notice. Despite the oft-cited volatility in the market, hedge fund managers are starting to see the potential of the sector and are investing accordingly. A new survey from Goldman Sachs has found that Asian hedge fund managers have a preference for growth over Bitcoin.. Read more about goldman sachs bitcoin price prediction and let us know what you think.
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