Asian hedge fund managers favor growth over Bitcoin: Goldman Sachs survey
A Bank of America survey found that American hedge fund managers favor Bitcoin over tech, but Goldman Sachs' poll with the Asian chief investment officers shows totally opposite results.
Goldman Sach Global Investment Research published a new survey polling with 25 chief investment officers from different hedge funds. The results show that Bitcoin is the least favorite investment class for 35% of the participants.
Goldman Sachs’ poll draws a stark contrast compared to the recent survey from the Bank of America (BofA). The BofA survey, responses from 194 fund managers with $592 billion worth of assets under management, suggests that the “long Bitcoin” bet is now the most crowded trade across all markets.
Timothy Moe, Goldman Sachs strategist, 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.”
Meanwhile, over 55% favor growth investing, which is to invest in companies that offer strong earnings growth. This is followed by value-style investing (30%), in other words, seeking out undervalued assets in the market. New initial public offerings (IPOs) follow Bitcoin as the least favorite investment style with 25%.
The BofA survey stated that long Bitcoin has even surpassed trading long tech, with almost 45% of respondents favor Bitcoin over tech. Trades identified as crowded have historically heralded an incoming top for their respective markets, the survey remarks.