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Goldman Sachs thinks bitcoin can get to $100,000. Here's how.

Dow Jones2022-01-05

MW Goldman Sachs thinks bitcoin can get to $100,000. Here's how.

By Frances Yue

Broader adoption of digital assets and bitcoin's scaling solutions could boost bitcoin's market share, Goldman says.

Bitcoin is likely to take more market share from gold as a "store of value" thanks to broader adoption of digital assets and bitcoin's scaling solutions, according to a Tuesday report by Goldman Sachs.

The cryptocurrency's price could surpass $100,000 in a hypothetic scenario when bitcoin takes up 50% of the "store of value" market over the next five years, assuming no growth in overall demand for stores of value, Zach Pandl, co-head of global FX, rates & EM strategy, wrote in notes.

A store of value refers to assets that maintain their value without depreciating. Bitcoin supporters have long touted the cryptocurrency as the "digital gold."

Bitcoin currently takes up about 20% of the "store of value" market, with a float-adjusted market capitalization of under $700 billion, compared to $2.6 trillion worth of gold held by the public for investment purposes, according to Pandl.

Bitcoin is recently trading at around $46,390, down 1% over the past 24 hours and down more than 30% from its November high of $68,990.

The high energy consumption of bitcoin mining could "remain an important obstacle" on institutional adoption of the cryptocurrency, the report says.

-Frances Yue

$(END)$ Dow Jones Newswires

January 05, 2022 09:15 ET (14:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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股市追击Sniper
·2022-01-05
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Here's how.\n</p>\n<p>\n  By Frances Yue \n</p>\n<p>\n  Broader adoption of digital assets and bitcoin's scaling solutions could boost bitcoin's market share, Goldman says. \n</p>\n<p>\n  Bitcoin is likely to take more market share from gold as a \"store of value\" thanks to broader adoption of digital assets and bitcoin's scaling solutions, according to a Tuesday report by Goldman Sachs. \n</p>\n<p>\n  The cryptocurrency's price could surpass $100,000 in a hypothetic scenario when bitcoin  takes up 50% of the \"store of value\" market over the next five years, assuming no growth in overall demand for stores of value, Zach Pandl, co-head of global FX, rates &amp; EM strategy, wrote in notes. \n</p>\n<p>\n  A store of value refers to assets that maintain their value without depreciating. Bitcoin supporters have long touted the cryptocurrency as the \"digital gold.\" \n</p>\n<p>\n  Bitcoin currently takes up about 20% of the \"store of value\" market, with a float-adjusted market capitalization of under $700 billion, compared to $2.6 trillion worth of gold held by the public for investment purposes, according to Pandl. \n</p>\n<p>\n  Bitcoin is recently trading at around $46,390, down 1% over the past 24 hours and down more than 30% from its November high of $68,990. \n</p>\n<p>\n  The high energy consumption of bitcoin mining could \"remain an important obstacle\" on institutional adoption of the cryptocurrency, the report says. \n</p>\n<p>\n  -Frances Yue \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  January 05, 2022 09:15 ET (14:15 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs thinks bitcoin can get to $100,000. 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