Bitcoin has become the least attractive asset among hedge fund executives and structures that hold only long positions. The data come from a Goldman Sachs survey, reported by Bloomberg.
“At the start of last week, we held two roundtables with 25 investment directors from various long-term-oriented structures and hedge funds. They prefer growth assets, with Bitcoin the least attractive instrument,” said Goldman Sachs strategist Timothy Moe, as quoted by the publication.
In addition to growth-capital strategies, which are used by more than 50% of respondents, the CIO teams favour value investing (30%) and commodities (10%).
35% of respondents named Bitcoin the least attractive investment asset. Second place in the anti-rating was investments in new IPO (25%), third — rate-sensitive assets (20%).
In May a Bank of America survey showed that a long Bitcoin position was the most popular among traders. In January, in a similar study, the purchase of digital gold outpaced long positions in tech stocks.
As Colin Wu reports, after the recent decline in the price the return on investment in Bitcoin since the start of 2021 was only 14%, lower than that of the Bloomberg Commodity Spot Index.
Bloomberg: After today’s decline, the return on investment of Bitcoin since 2021 is only 14%, which is lower than most mainstream assets. pic.twitter.com/YgjeVBiala
— Wu Blockchain (@WuBlockchain) June 8, 2021
As reported, Goldman Sachs acknowledged cryptocurrencies as a new asset class. Analysts noted that Bitcoin has a habit of recovering to new highs, despite deep price declines.
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