Goldman Says Bitcoin $100,000 a Possibility by Taking on Gold

Bloomberg2022-01-05

Firm expects Bitcoin to take more market share from gold‘Store of value’ market share seen being up for grabsBitcoin will continue to take market share from gold as part of broader adoption of digital...

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Comments

Toastz
2022-01-05
Toastz
[Cool]
novben7
2022-01-05
novben7
Wow. 👍
Gunners80
2022-01-05
Gunners80
Nice
BlueDragon
2022-01-05
BlueDragon
Like
Pierre0520
2022-01-05
Pierre0520
Like
ferwih
2022-01-05
ferwih
Time to buy BTC

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That accounts for 20% share of the “store of value” market which it said is comprised of Bitcoin and gold. The value of gold that’s available for investment is estimated at $2.6 trillion.If Bitcoin’s share of the store of value market were “hypothetically” to rise to 50% over the next five years, its price would increase to just over $100,000, for a compound annualized return of 17% or 18%, Zach Pandl, co-head of global FX and EM strategy, wrote in a note Tuesday.Source: GoldmanBitcoin traded around $46,000 on Tuesday in New York, after climbing about 60% last year. The largest digital asset by market value hit a record of almost $69,000 in November. It has surged more than 4,700% since 2016.Although the Bitcoin network’s consumption of real resources may be an obstacle to institutional adoption, that won’t stop the demand for the asset, the note said.Bitcoin has long been referred to as digital gold. 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