Bitcoin price could hit $100,000, says Goldman Sachs

Jgood morning.

Wall Street is notorious for being skeptical of cryptocurrencies, but there are some bullish expectations from Goldman Sachs regarding Bitcoin’s prospects.

The bank said that the $100,000 price tag often touted by cryptocurrency advocates is a big possibility as it continues to gain market share from gold.

Goldman said that while bitcoin’s consumption of natural resources may be an impediment to institutional adoption, this will not hurt demand for the asset.

Bitcoin is currently trading at around $46,000, after hitting a new high of $69,000 last year.

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What happened overnight

Markets in Asia struggled on Wednesday after a tepid lead from Wall Street, with inflation returning and an expected interest rate hike back into focus as Omicron’s concerns fade for now. Wellington, Taipei and Jakarta rose along with Manila as trading resumed after being canceled on Tuesday due to a technical glitch. Tokyo held steady with the yen incurring losses at a four-year low against the dollar.

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