Remember in early May? A survey from Bank of America found that long bitcoin was the most crowded trade, for 43% of the 200+ fund managers with $625 billion in assets under management. At this time, the price of BTC was $57,699 according to CoinDesk data – on May 7.
May 7 was one month ago, and one month is definitely a long time in the markets, especially when it comes to cryptocurrencies: on June 7, Bitcoin sits at $36,316 only, rocked hard by a warning from the People’s Bank of China against using crypto for payments last month. 10 days later, on June 17, Bitcoin came back to $38,666 but still looks like it is recovering slowly.
According to a recent Goldman survey, chief investment officers don’t like Bitcoin so much anymore. 35% of them, interviewed by Goldman strategists, placed the world’s No. 1 cryptocurrency as their least favorite asset class, followed by new initial public offerings with 25%, and rate sensitivities with 20%. At the other end of the line, their favorite assets seem today to be growth, values, and commodities.
And you, what will be your favorite investment style and asset class among this list? We would love to know, and we would love to see you soon playing on Adeltrade, the gaming platform for traders. We have a free competition coming soon, register now and don’t miss your chance to win some prizes while having fun trading without any risk – no real money involved, except the prize for the best trader of the contest!