According to the 2019 Cayman Alternative Investment Summit (CAIS) survey, investors think that, as an asset class, cryptocurrency represents a bubble.

To prepare the survey, researchers reportedly examined approximately 100 alternative investors and managers, who participated at the CAIS’ sixth annual conference from Feb. 6 to Feb. 9, 2019.

The study showed that 45 percent of the surveyed investors consider digital currency the asset class that presently most represents a bubble. 20 percent, 19 percent and 16 percent of respondents said they think that U.S. equities, the leveraged loan market, and private credit represent a bubble, respectively.

When asked about the technological shifts most anticipated to influence the market, 45 percent of respondents named automation and machine learning, while 38 percent reportedly believe that blockchain will have the biggest impact globally.

Earlier in February, Global Head of Research at Bitwise Asset Management and president at ETF.com, Matt Hougan said that there is a lot of what he defines as bubble-related bad activity in the crypto industry that is currently “getting cleared up.” At the same moment, Hougan pointed outthat he’s “way more bullish on crypto assets” than on blockchain.

In an interview with Bloomberg TV, Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, argued that “we’re not going to bubble back up,” citing $8,000 as a feasible medium term price point for Bitcoin (BTC). Reflecting on the protracted crypto winter, Novogratz quipped that the past year demonstrated “just how painful popped bubbles can be.”