Goldman Sachs predicts that Bitcoin could reach $ 100,000, since BTC continues to take the market share of gold as a value -plot - markets and prices
Goldman Sachs predicts that Bitcoin could reach $ 100,000, since BTC continues to take the market share of gold as a value -plot - markets and prices
Goldman Sachs has predicted that the Bitcoin price could reach $ 100,000. The global investment bank believes that Bitcoin will continue to take away market shares of gold with increasing acceptance of cryptocurrencies.
Goldman Sachs ’Bitcoin vs. Gold forecast
Goldman Sachs-Analyst Zach Pandl, co-manager of the global foreign exchange strategy, outlined the future prospects for Bitcoin in a research announcement to customers on Tuesday.
The analyst of Goldman Sachs assumes that Bitcoin will continue to take market shares from gold in 2022, since cryptocurrencies are further spread. Details of the research note:
Bitcoin can have applications that go beyond a simple “value memory” - and the markets for digital assets are much larger than Bitcoin.
The analyst found that Bitcoin's float-adjusted market capitalization is currently less than $ 700 billion. The cryptocurrency makes up a 20 % share of the “value storage market”, which includes gold and Bitcoin. This market has a value of around $ 2.6 trillion, it says in the note.
In his list of predictions for 2022, Goldman Sachs said that Bitcoin will "most likely" take a larger proportion over time.
pandl said that if the proportion of Bitcoin in the "hypothetically" value for the value storage market would increase to 50 % over the next five years, the price of BTC would rise to just over $ 100,000. The analyst added:
We believe that the comparison of its market capitalization can help with gold to determine parameters for plausible results for Bitcoin yields.
In addition, the analyst from Goldman Sachs pointed out that the resource consumption of the Bitcoin network can be an obstacle to institutional introduction, but will not stop demand for the asset, according to the message.
Goldman Sachs re-introduced its cryptocurrency trading desk last year. In June the company expanded its cryptocurrency offers with Ether-Futures and Options.
Do you agree with Goldman Sachs in terms of Bitcoin and Gold? Let us know in the comment area below.
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