“Bitcoin Could Reach Up to $100K”, Says Goldman Sachs

Bitcoin presently has a 20% share of the “store of value” market, according to Goldman Sachs, noting its $700 billion market capitalization vs the $2.6 trillion worth of gold held as an investment.


As digital assets become more extensively used, Bitcoin will take market share away from gold in 2022, according to Goldman Sachs analyst Zach Pandl in a research note to clients.

Goldman Sachs claims that bitcoin has a 20% share of the “store of value” market, citing the cryptocurrency’s $700 billion market capitalization vs the $2.6 trillion worth of gold held as an investment.

In a list of 2022 forecasts, Goldman Sachs stated that Bitcoin will “most likely” gain a larger share over time. User Squawk Street shared the reporting clip on the Microblogging site.

Goldman Sachs Bullish On Bitcoin

The price of bitcoin would reach slightly over $100,000 in a hypothetical scenario in which it captures 50% of the market, according to the memo.

Bitcoin was trading at $46,073 on Wednesday, after struggling to recover after a steep drop in early December. It had reached an all-time high of $69,000 in November.

“We believe that comparing Bitcoin’s market capitalization to gold can help put parameters on plausible outcomes for Bitcoin returns,” Pandl wrote.

“Bitcoin may have applications beyond simply being a “store of value” – and digital asset markets are much larger than Bitcoin – but we believe that comparing its market capitalization to gold can help put parameters on plausible outcomes for Bitcoin returns.”

The term “store of value” refers to assets that retain their value throughout time without deteriorating, such as precious metals and some currencies.

Gold investor Peter Schiff again made a comment targeting Goldman Sachs and accuse the firm for manipulating Bitcoin price.

In 2021, Goldman Sachs reopened its cryptocurrency trading department.

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