New Goldman Sachs Survey Says Chief Investment Officer Sees Bitcoin as His Least Favorite Investment Class

Cryptocurrency prices retreat as institutional investors wait and see, says Goldman Sachs survey. There may be good news this week.

A new Goldman Sachs survey shows that chief investment officers now consider bitcoin to be the least popular category in their investment allocations.

Goldman launched the survey last week at a roundtable meeting attended by 25 chief investment officers. At this meeting, it asked the chief investment officers to provide their views and outlook on investment assets. And the results were disheartening for bitcoin advocates who were hoping for a higher price for bitcoin this week.

For 35% of CIOs, Bitcoin is the least popular investment choice, despite outperforming initial public offerings (25%) and hedging (20%).

New Goldman Sachs Survey Says Chief Investment Officer Sees Bitcoin as His Least Favorite Investment Class

The results of this survey contradict the results of another survey. A survey conducted by Bank of America in May showed bitcoin to be the most popular transaction. The 216 panelists in that survey managed $625 billion worth of assets.

However, the price of bitcoin has fallen from $50,000 at the time to $36,464 currently, which should explain the discrepancy between the two findings. The new survey shows that chief investment officers are interested in both Chinese A-shares and Japan’s benchmark Nikkei index.

New Goldman Sachs Survey Says Chief Investment Officer Sees Bitcoin as His Least Favorite Investment Class

This weekend could be a turbulent one. Markets are expected to be volatile over the weekend following the release of the consumer index this Thursday. U.S. Treasury Secretary Janet Yellen said a rate hike would be a “boon for policymakers” and investors expect inflation to rise further.

That would not be good news given that bitcoin has plunged more than 50% so far since hitting an all-time high of $63,236 in April. However, it closed on Sunday, reversing Saturday’s 3.6% decline and showing a recovery.

Over the weekend, a massive blocking of accounts in the crypto space by China’s microblogging service and an announcement by the People’s Bank of China regarding a ban on the use of cryptocurrencies caused further declines in bitcoin.

However, El Salvador announced that it will adopt bitcoin as legal tender, while Paraguay may be about to make a similar announcement. El Salvador’s President Nayib Bukele noted that the adoption of cryptocurrency as legal tender would gain 10 million potential new users.

Meanwhile, Paraguayan Vice President of State Carlitos Relaja hinted on Twitter last night that there could be a positive announcement about Bitcoin.

“As I said a long time ago, our country needs to go hand in hand with the new generation. Our moment has come. This week, we start with an important project that is ahead of its time. It’s truly time for the moon landing with #BTC and #PayPal.”

Posted by:CoinYuppie,Reprinted with attribution to:
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