Goldman Sachs: Bitcoin will take the market share of gold and reach a price of $ 100,000
If BTC’s share of the store market increases to 50% within the next 5 years, the price of this virtual currency could reach more than $ 100,000 …
BTC will continue to take gold’s market share and this is part of a general trend towards increasing adoption of the digital asset.
So forecast the price of VND 100,000 U.S. dollar for every BTC that advocates of the virtual currency offering are likely to become a reality, according to US bank Goldman Sachs.
According to Bloomberg, Goldman Sachs currently estimates BTC’s float-adjusted market capitalization at just under 700. Billion USD. This equates to approximately 20% of the market value of assets that investors consider a “store of value,” including BTC and gold. Meanwhile, the amount of gold available for investment will be worth 2.6 thousand yen. estimated Billion USD.
If Bitcoin’s share of the store market increases to 50% within the next 5 years, the price of this virtual currency could reach over 100,000. U.S. dollar, or 17-18% annualized return, Goldman Sachs strategist Zach Pandl said in a note.According to Goldman Sachs, the massive power consumption of the Bitcoin network could be an obstacle for institutional investors to accept the asset, but it won’t stop the demand for Bitcoin holdings.The price of the world’s largest digital currency is currently hovering above the 46,000 threshold U.S. dollar, after growing by around 60% last year. In November, the Bitcoin price stood at 69,000. an all-time record U.S. dollar. From 2016 to the present, this virtual currency has grown by more than 4,700%.
Bitcoin has long been considered “digital gold”. Many critics also point out that Bitcoin has the same drawbacks as gold: it bears no interest or dividends, and the volatility does not go in the same direction as other traditional assets. Meanwhile, Bitcoin proponents say the virtual currency offers protection from the systematic misuse of paper money.
Bitcoin’s recent weakness has caused its share of the cryptocurrency market to drop to 39.5%, a nearly three-year low, according to a report by Arcane Research.
According to the founder of Fairlead Strategies, Katie Stockton, BTC is technically supported at 44,156. U.S. dollar and met resistance at 46,334 U.S. dollar. Breaking the support or resistance will determine whether Bitcoin goes down or up. Without this level of support, Bitcoin price can hit 55,644. fall U.S. dollar.