Around the world, sentiments on big rapid changes to Bitcoin value are evolving.
That’s evident in a new Goldman Sachs study of Asian business persons that suggests some of the smart money in the East is less focused on crypto, and more focused on certain kinds of equities.
Ehran Kahraman at Cointelegraph reports the survey found the majority (55%) favor growth stocks – looking for companies that have started to produce dramatic earnings-per-share in recent quarters.
The idea of tracking companies by EPS can be distorting in that some companies have negative EPS while developing products and services that can take off in a big way. Nonetheless, as an alternative to value investing in blue-chip companies, growth investing has its significant place in the market, and the survey suggests that’s where many Asian traders are looking for the future.
Kahraman also reports crowding in ‘long Bitcoin’ positions that have been established over the past few years, as traders look for additional institutional investment and other markers that Bitcoin is here to stay and grow.
After Elon Musk slammed Bitcoin as an energy hog and hinted at certain kinds of divestment, BTC’s price cratered, and the crypto world has lost a total of $500 billion of value just this week. Bitcoin’s value is down to just over half of its all-time high of $60,000 per coin.
Take that into account when you’re looking at a cryptocurrency investment strategy. That’s not to say that Bitcoin won’t recover – already, there are indications that tensions may be thawing on the energy issue.
“Bitcoin makes use of quite a lot of electrical energy,” writes an anonymous author at Beyktrading, accurately, if less than grammatically elegantly. “So do electrical automobiles, house journey (sic) and civilization on the whole, however few issues burn vitality so shamelessly. To assuage critics, Elon Musk and Michael Saylor introduced late final month (sic) that Bitcoin miners in North America had agreed to type (sic) the Bitcoin Mining Council, a company that will promote vitality transparency and sustainable mining practices.”
Track BTC values throughout the month to see where this heads!