Crypto Currency News
Bitcoin
$64,932.53
+553.41
Ethereum
$3,551.99
+130.88
Litecoin
$74.20
+2.47
DigitalCash
$23.56
+0.93
Monero
$170.68
+0.21
Nxt
$0.00
-0
Ethereum Classic
$23.97
+0.99
Dogecoin
$0.12
0

Bitcoin Price Target: Bitcoin could hit $ 100,000 by wrestling market share from gold, Goldman says

Bitcoin will continue to steal market share from gold as digital assets become more widespread, making the often-touted $ 100,000 price prediction possible, according to the Goldman Sachs Group.

Goldman estimates Bitcoin’s float-adjusted market capitalization at just under $ 700 billion. That accounts for a 20% share of the “store of value market”, which is supposedly made up of Bitcoin and gold. The value of gold available for investment is estimated at $ 2.6 trillion.

If Bitcoin’s share of the store market “hypothetically” increased to 50% over the next five years, its price would soar to just over $ 100,000, with an average annualized return of 17% or 18%, according to Zach Pandl, Co – Head of Global FX and EM Strategy, wrote in a note Tuesday.


Bloomberg

Bitcoin was trading at around $ 46,000 in New York on Tuesday, after rising about 60% over the past year. The largest digital asset by market value hit a record nearly $ 69,000 in November. It has increased by more than 4,700% since 2016.

Although the Bitcoin network’s consumption of real resources can be an obstacle to institutional adoption, it will not stop demand for the asset, the note says.

Bitcoin has long been known as digital gold. And the criticism of gold tends to apply to Bitcoin too: it pays no interest or dividends, and it doesn’t mimic the performance of more traditional assets. Proponents say Bitcoin, like gold, acts as a safeguard against systemic misuse of fiat currencies.

Comments are closed.