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Goldman Sachs has foreseen that the value of Bitcoin may reach $100,000. The World Investment Bank believes that as the adoption rate of cryptocurrencies grows, Bitcoin can still take market share from gold.
Goldman Sachs’ Bitcoin and Gold predictions
Goldman Sachs analyst Zach Pandl, co-head of World Exchange Strategy, disclosed the long-term prospects of Bitcoin in a very analytical report to buyers on Tuesday.
The Goldman Sachs analyst predicts that with the widespread adoption of cryptocurrencies, Bitcoin can still take market share from gold in 2022. Analysis notes details:
The remote application of Bitcoin may be just a “store of value”-the digital quality market is much larger than Bitcoin.
The analyst pointed out that Bitcoin’s circulating market value is currently less than 700 billion U.S. dollars. Cryptocurrencies account for 200 shares of the “store of value” market, including gold and Bitcoin. The note explained that the price in this market is $2.6 trillion.
In its list of forecasts for 2022, Goldman Sachs mentioned that Bitcoin is “very likely” to get bigger over time.
Pandl mentioned that if Bitcoin’s share of the store’s valuable market “hypothetically” expands to five percent in the next five years, then the value of BTC will increase to more than $100,000. The analyst added:
We believe that checking its capitalization of gold will help determine a reasonable outcome for Bitcoin’s return.
In addition, Goldman Sachs analysts have detected that although the resource consumption of the Bitcoin network may also become an obstacle to institutional adoption, it will not prevent the demand for quality, as explained above.
Goldman Sachs relaunched its cryptocurrency commercialization table last year. In June, the company expanded its cryptocurrency products to include ether futures and options.
Post Goldman Sachs predicts that Bitcoin may reach $100,000, as BTC continues to use gold’s market share as store value First appeared in Bitcoin wire.
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