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.
5 things to start your day
1) New energy crisis talks as cold snap drives up gas prices The business minister is doing his best to avoid another series of supplier failures in the wake of last year’s crisis
2) Clifford Chance’s best-paid partner gets £3.2m The share of earnings for the highest-paid lawyer at Magic Circle jumped by a fifth last year amid the deal boom
3) Twitter Bans Popular News Aggregator Politics For All The social media company said the decision was due to violations of public manipulation rules
4) Sterling pays €1.20 as possibility of rate hike rises in February The British pound reached a two-year high against the single currency and made gains against the dollar
5) British lithium is a step closer to UK production The company is now able to produce 5 kg of cost-effective lithium carbonate per day to boost the electric vehicle industry
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.
- major company: There are no scheduled updates
- Economics: Final Services and Composite PMI (Eurozone, France, Germany, United States), ADP Employment Change, FOMC Minutes (we)